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 shifts the bill from modifying "requirements to create" a tax increment financing district to modifying "provisions for" one, and makes substantive changes to how assessed values are calculated in tax increment financing districts—specifically clarifying that discretionary valuation formulas cannot be applied to properties within these districts and revising the tax compensation formula language in § 10-12-44. This NARROWS the scope of the discretionary formula provisions while making technical clarifications to how tax increment districts operate.
The amendment removes the restriction that tax increment financing district properties cannot use the county's discretionary assessed value formula, and it eliminates the requirement that commercial structures be located in designated urban renewal areas to qualify for the formula's benefits. This BROADENS the bill by allowing more property types and locations to access the tax assessment formula previously unavailable in TIF districts.
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