SB 236 METRO DEVELOPMENT PROJECT GRT INCREMENTS

Sen Carrie Hamblen

Actions: [4] SCC/SHPAC/STBTC-SCC-germane-SHPAC [6] DP-STBTC [7] DP [8] PASSED/S (28-9) [13] HTRC-HTRC- DP [14] PASSED/H (66-1) SGND BY GOV (Mar. 5) Ch. 62.

Scheduled: Not Scheduled

 Senate Bill 236 (SB 236) changes procedures to determine Gross Receipts Tax (GRT) increments that fund Metropolitan Development Projects. SB 236 delays the effective date of the provisions of Laws 2023, Chapter 112, Section 15. 

 Senate Bill 236 (SB 236) changes procedures to determine Gross Receipts Tax (GRT) increments that fund projects in Metropolitan Redevelopment Areas (MRA).

SB 236 requires Taxation and Revenue Department (TRD) to designate a reporting location code for the MRA. TRD must use a 12-month lookback period to calculate GRT revenue sourced to the location to determine the GRT increment.

SB 236 delays implementation by one year of Laws 2023, Chapter 112, Section 15 (see 2023 SB 251/aSTBTC/aSFC) that provides for funding of metropolitan redevelopment projects through state increments for selling MRA bonds, state GRT, and Local Option GRT.	

The effective date of SB 236 if passed and signed into law is January 1, 2025.