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 narrowed the discretionary assessment formula to exclude properties within tax increment financing districts, preventing the formula from reducing assessed values in those districts.
The amendment removed the requirement that discretionary valuation formulas be equally applied to all classified properties and clarified that such formulas cannot be used within tax increment finance 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