SB 213
Modifies provisions of law relating to tax increment financing
LR Number:
Last Action:
4/10/2013 - Hearing Conducted S Jobs, Economic Development and Local Government Committee
Journal Page:
Calendar Position:
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.