This bill updates tax increment financing (TIF) district rules by clarifying how newly constructed structures are valued for taxes and preventing counties from using discretionary assessment formulas for properties within TIF districts. The changes ensure that TIF districts operate under consistent valuation rules rather than allowing counties to reduce assessed values for new construction in those areas.
Taxation Tabled Passed, YEAS 11, NAYS 1.
Taxation Scheduled for hearing
First read in House and referred to House Taxation H.J. 220
Prime sponsor · Rep.
R
Taxation — Tabled