Common use of FISCAL IMPACT Clause in Contracts

FISCAL IMPACT. It is not possible to estimate the fiscal impact of this bill, but it probably would be very small. Currently, there are approximately 4,000 acres of land in open space development rights easements granted by the State, and 6,000 acres in local open space development rights easements, and much of this land is probably not suitable for farming. This is particularly true for the land in State- granted open space development rights easements, which includes much wooded land along rivers. Under current law, a property owner granted an easement under either of these programs has to pay property taxes only on the value of the land excluding the value of any potential development; however, if the land is prematurely withdrawn from either of these programs, the landowner must pay the past property taxes on the value of the property's development rights that otherwise would have been assessed during the years the property was in the easement program. Under this bill, these penalties would be waived as long as: 1) the property would be used to produce perennial crops for cellulosic ethanol crops for the generation of energy, and 2) the land became subject to a farmland development rights agreement. There is no way to know how much, if any, of this land would be withdrawn from open space easement programs and meet these criteria. Fiscal Analyst: Xxx Xxxxxxx A0708\s1127b

FISCAL IMPACT. It is not possible to estimate the fiscal impact of this bill, but it probably would be very small. Currently, there are approximately 4,000 acres of land in open space development rights easements granted by the State, and 6,000 acres in local open space development rights easements, and much of this land is probably not suitable for farming. This is particularly true for the land in State- State-granted open space development rights easements, which includes much wooded land along rivers. Under current law, a property owner granted an easement under either of these programs has to pay property taxes only on the value of the land excluding the value of any potential development; however, if the land is prematurely withdrawn from either of these programs, the landowner must pay the past property taxes on the value of the property's development rights that otherwise would have been assessed during the years the property was in the easement program. Under this bill, these penalties would be waived as long as: 1) the property would be used to produce perennial crops for cellulosic ethanol crops as biomass for the generation of energy, and 2) the land became subject to a farmland development rights agreementeasement. There is no way to know how much, if any, of this land would be withdrawn from these open space easement programs programs, become subject to a farmland development rights easement, and meet these criteriabe used to produce biomass for the purpose of generating energy. Fiscal Analyst: Xxx Xxxxxxx A0708\s1127bS0708\s1127sa

FISCAL IMPACT. It is not possible to estimate the fiscal impact of this billxxxx, but it probably would be very small. Currently, there are approximately 4,000 acres of land in open space development rights easements granted by the State, and 6,000 acres in local open space development rights easements, and much of this land is probably not suitable for farming. This is particularly true for the land in State- granted open space development rights easements, which includes much wooded land along rivers. Under current law, a property owner granted an easement under either of these programs has to pay property taxes only on the value of the land excluding the value of any potential development; however, if the land is prematurely withdrawn from either of these programs, the landowner must pay the past property taxes on the value of the property's development rights that otherwise would have been assessed during the years the property was in the easement program. Under this billxxxx, these penalties would be waived as long as: 1) the property would be used to produce perennial crops for cellulosic ethanol crops as biomass for the generation of energy, and 2) the land became subject to a farmland development rights agreementeasement. There is no way to know how much, if any, of this land would be withdrawn from these open space easement programs programs, become subject to a farmland development rights easement, and meet these criteriabe used to produce biomass for the purpose of generating energy. Fiscal Analyst: Xxx Xxxxxxx A0708\s1127bA0708\s1127a

FISCAL IMPACT. It is not possible to estimate the fiscal impact of this billxxxx, but it probably would be very small. Currently, there are approximately 4,000 acres of land in open space development rights easements granted by the State, and 6,000 acres in local open space development rights easements, and much of this land is probably not suitable for farming. This is particularly true for the land in State- granted open space development rights easements, which includes much wooded land along rivers. Under current law, a property owner granted an easement under either of these programs has to pay property taxes only on the value of the land excluding the value of any potential development; however, if the land is prematurely withdrawn from either of these programs, the landowner must pay the past property taxes on the value of the property's development rights that otherwise would have been assessed during the years the property was in the easement program. Under this billxxxx, these penalties would be waived as long as: 1) the property would be used to produce perennial crops for cellulosic ethanol crops for the generation of energy, and 2) the land became subject to a farmland development rights agreement. There is no way to know how much, if any, of this land would be withdrawn from open space easement programs and meet these criteria. Fiscal Analyst: Xxx Xxxxxxx A0708\s1127b