This bill modifies the rules for tax increment financing (TIF) districts, which are areas where local governments can redirect property tax increases toward development projects. The main change clarifies that counties' existing discretionary tax assessment formulas for new structures cannot be applied to properties located within TIF districts, ensuring TIF revenues are preserved for their intended development purposes.
The amendment BROADENS the bill's scope by shifting focus from just "requirements to create" a tax increment financing district to "provisions for" one, and it substantially restructures the tax assessment rules by adding language that prohibits applying discretionary valuation formulas to properties within tax increment finance districts while also redefining how tax increment value is calculated. This change redirects the bill from narrowly addressing district creation procedures to more comprehensively regulating property assessment practices across multiple scenarios involving tax increment financing.
The amendment removes the restriction that discretionary assessed value formulas cannot be used for properties within tax increment finance districts, effectively allowing TIF districts to use these formulas—a change that BROADENS the applicability of the valuation formula by eliminating a previous exclusion.
Other amendments
Signed by the Governor S.J. 541
Delivered to the Governor S.J. 510
Signed by the Speaker H.J. 543
Signed by the President S.J. 485
House of Representatives Do Pass Amended Passed, YEAS 67, NAYS 0. H.J. 515
Taxation Do Pass Passed, YEAS 9, NAYS 2. H.J. 11
Taxation Scheduled for hearing
First read in House and referred to House Taxation H.J. 445
Senate Do Pass Amended Passed, YEAS 33, NAYS 0. S.J. 386
Taxation Certified uncontested, placed on consent S.J. 17
Taxation Do Pass Amended Passed, YEAS 7, NAYS 0. S.J. 17
Taxation Motion to amend S.J. 17
Taxation Scheduled for hearing
First read in Senate and referred to Senate Taxation S.J. 180
Prime sponsor · Sen.
R
Do Pass Amended
Taxation — Do Pass
Do Pass Amended
Taxation — Do Pass Amended