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DIGEST OF INTRODUCED BILL
Recovery of local property tax incentives. Requires a property owner to pay back all or part of the property taxes saved by the property owner as a result of the property tax deduction for rehabilitating or redeveloping real property if the property owner ceases operations during the deduction period or fails to employ the number of individuals the property owner estimated in the application for the deduction. Provides that the methodology for determining the amount to be paid back must be set forth in the resolution approving the deduction. Provides that each affected taxing unit receives a pro rata share of the amount paid back.