Karnataka Municipal Corporation Amendment bill introduced to spur industrial activities

Belagavi: The State Government on Wednesday introduced the Karnataka Municipal Corporations Amendment Bill in the Assembly with an aim to encouraging establishment of industries in the State.

The bill known as The Karnataka Municipal Corporations and Certain Other Law (Second Amendment) Bill, 2021 intended to give effect to the proposal made in the budget speech of 2021-22, the statement of objects and reasons read.

It further said that the bill is meant to specify separate rate of property tax to be levied for industrial buildings in municipal corporations and other urban local bodies, to encourage the establishment of industries in the State.

With this amendment, the property tax demand will be slightly reduced, which shall be compensated by generation of more employment opportunities and spurt in economic growth leading to increased income, thereby leading to higher property tax demand, the Financial Memorandum of the bill said.

Along with it, The Karnataka Land Revenue (Amendment) Bill, 2021 and The Karnataka Certain Inams Abolitoin And Certain Other Law (Amendment Bill), 2021 were introduced in the House.