This bill lowers the threshold for creating a tax increment financing district by reducing the required blighted area from 25% to 50% of the district's real property. Additionally, it allows districts to qualify if 50% of the property will stimulate economic development, even if less of the district is currently blighted. These changes make it easier for counties and municipalities to establish these special financing districts to fund local improvements.
Taxation Tabled Passed, YEAS 4, NAYS 0. S.J. 17
Taxation Scheduled for hearing
First read in Senate and referred to Senate Taxation S.J. 142
Prime sponsor · Sen.
R
Cosponsors
Taxation — Tabled