Public Funds and Financing - As introduced, enacts the "Greenbelt Initiative Fund Transfer (GIFT) Act," which creates the rural revenue equity fund; authorizes the commissioner of economic and community development to distribute amounts from the fund to rural counties based on certain agricultural, demographic, and fiscal criteria, including greenbelt acreage. - Amends TCA Title 4; Title 5; Title 6; Title 7; Title 9 and Title 67.
Taken off notice for cal in s/c Finance, Ways and Means Subcommittee of Finance, Ways and Means Committee
Summary
The bill establishes a special Rural Revenue Equity Fund within the state general fund, providing a recurring $210 million that the commissioner of economic and community development will allocate to rural counties. Allocation is based on a weighted scoring system that considers greenbelt acreage, agricultural sales, livestock, population, tax authority and recent property‑tax increases. Funds may be used for capital projects, infrastructure, law‑enforcement, fire/EMS services, or property‑tax stabilization.
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