SB 213 – Modifies provisions of law relating to tax increment financing

• Sponsor: Kraus
• LR Number: 0660S.01I
• Committee: Jobs, Economic Development and Local Government
• Last Action: 4/10/2013 - Hearing Conducted S Jobs, Economic Development and Local Government Committee
• Effective Date: August 28, 2013

Current Bill Summary

SB 213 - Currently, no redevelopment project can be authorized more than ten years after the redevelopment plan has been adopted. This act requires a municipality to adopt a new redevelopment plan before such a redevelopment project can be authorized.

For tax increment financing projects approved after August 28, 2013, taxing districts shall be entitled to a 20% reimbursement of their tax increments.

This act allows taxing districts, by a vote of their elected board, to opt out of tax increment payments for development projects authorized by rural economic stimulus authorities.

MIKE HAMMANN