HB 1434 Modifies provisions relating to tax increment financing commission
Sponsor: Walsh
LR Number: 4473S.04T Fiscal Notes
Committee: Jobs, Economic Development and Local Government
Last Action: 6/29/2016 - Signed by Governor Journal Page: S3699-3700
Title: SCS HCS HBs 1434 & 1600 Calendar Position:
Effective Date: August 28, 2016
House Handler: Koenig

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Current Bill Summary


SCS/HCS/HBs 1434 & 1600 - For tax increment financing (TIF) projects approved over a recommendation in opposition by the TIF commission in St. Charles, Jefferson, and St. Louis Counties, the economic activity taxes and payments in lieu of taxes cannot exceed the redevelopment project costs for demolition of buildings and the clearing and grading of land.

This act also specifies that approval by a TIF Commission in St. Charles, Jefferson, and St. Louis Counties requires a majority of the commissioners voting to vote for approval. A tied vote will be considered a recommendation of opposition. TIF commissions must retain certain records and make these records available to the public.

This act requires municipalities to submit a report on the status of any redevelopment projects or plans to the Department of Revenue, rather than the Department of Economic Development, each year by November 15th. The Department of Revenue will provide notice if a municipality fails to report as required or if information in the report needs to be corrected. If a municipality fails to submit or correct a report it shall be prohibited from adopting any new tax increment financing for the next 5 years.

Under current law, county boards, upon voter approval, may levy a property tax for the purpose of establishing and maintaining county sheltered workshops, residences, facilities, and/or other related services. This act would prohibit the adoption of any tax increment financing from superseding, altering, or reducing the sheltered workshop levy.

This act is similar to SCS/SB 805 (2016), SS/SCS/SB 774 (2014) and similar to HB 1512 (2014) and HB 1518 (2014). This act is similar in concept to HB 1293 (2014).

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