SF 2217 passed both houses, and was sent to the Governor Monday for his signature. It establishes a flood mitigation program and a flood mitigation board to review proposed flood mitigation projects and authorize funding for approved projects. The bill also establishes two funding sources, a Flood Mitigation Fund and a Sales Tax Increment Fund, to provide funding for flood mitigation projects. The Flood Mitigation Fund will consist of appropriations and other moneys. The Sales Tax increment Fund will receive deposits of increased sales tax revenues from impacted areas, as calculated by the Department of Revenue. The Flood Mitigation Board will determine the funding source and amounts allocated to applicants for approved projects.
The Legislative Services Agency provides a more detailed description of the bill in its fiscal analysis, found here.
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