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 from modifying just the "requirements to create" tax increment financing districts to modifying broader "provisions for" such districts, and adds detailed statutory language (§ 10-6-137) that prevents discretionary valuation formulas from being applied to properties within tax increment finance districts. This shifts the bill from a narrow procedural change to a substantive restriction on how properties in these districts can be assessed.
The amendment removed the requirement that tax increment financing district formulas be "equally applied to specifically classified properties," effectively allowing counties greater discretion in how they apply valuation formulas to different property types within TIF districts. This change BROADENS county authority by eliminating a constraint on how assessment formulas can be differentiated across properties.
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