Amends existing law to require notice and a public hearing prior to a taxing district budgeting a forgone increase.

The purpose of this legislation is to require non-school taxing districts that elect to take a foregone property tax increase to hold a hearing in conjunction with their annual budget hearing. These districts will certify by resolution their (1) intent to take a foregone property tax increase, (2) the amountoftheforegonepropertytaxincreasetobetakenand(3)thepurposeforwhichtheforegone property tax increase is being budgeted.