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| Bill Number |
H# 160 |
| Title |
An Act Relative to Financing the Smart Growth Housing Trust Fund |
| Lead Sponsors |
Representative Kevin Honan |
| Status |
Referred to the Joint Committee on Community Development and Small Business. Public hearing held June 4, 2007. Reported favorably, attached to S.132, on June 25, 2007 to Senate Ways and Means. Committee discharged on June 28 to the Housing Committee, and on July 2, the House concurred. The Housing Committee favorably reported the bill to Senate Ways and Means. |
Summary
This bill creates an automatic funding mechanism, not subject to appropriation, for the Smart Growth Housing Trust Fund to provide payments for communities that have adopted Chapter 40R, Smart Growth Zoning and Housing. Trust revenue would come from taxes paid by residents of newly constructed or substantially renovated housing in approved and certified smart growth zoning districts. This would not be a new tax. The Commonwealth would divert taxes paid by these residents from the General Fund to the trust fund for purposes of 40R and 40S payments.
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