ESTABLISHING A STUDY GROUP TO REVIEW AND RECOMMEND COMPENSATORY PAYMENTS FOR CERTAIN TAX-EXEMPT PROPERTIES OWNED BY THE STATE.

This Act creates the Study Group to Review and Recommend Compensatory Payments for Certain Tax-Exempt Properties Owned by the State to review and evaluate § 8318 of Title 29 and make recommendations regarding the eligibility criteria that should be used to determine which municipalities to receive compensatory payments for tax-exempt property owned by this State ("compensatory payments"), the amount that should be appropriated for compensatory payments, the formulas used to calculate compensatory payments, and how to periodically review this appropriation, eligibility criteria, and formulas no less than every 10 years.