distinguish between new construction and improvements to existing structures for purposes of calculating increases in revenue payable from property taxes.

The bill proposes to differentiate between new construction and improvements to existing buildings when calculating property tax revenue increases. It aims to ensure that only new construction projects contribute to revenue growth, while improvements to existing structures are treated differently. This change directly affects property owners and local governments by altering how property tax assessments are calculated. The legislation seeks to create a clearer distinction in tax liability based on the type of building development.