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SB 629 - Current law caps the annual amount of new state revenues that may be appropriated to the Missouri Supplemental Tax Increment Financing Fund for redevelopment projects under the Real Property Tax Increment Allocation Redevelopment Act at $32 million. This act applies such cap to all projects approved prior to August 28, 2018. This act also reduces the Supplemental Tax Increment Financing Fund appropriation cap from $32 million to $10 million for redevelopment plans or projects approved on or after August 28, 2018, and before August 28, 2028, and for projects approved prior to August 28, 2018, which are expanded with buildings of new construction. For redevelopment plans or projects approved on or after August 28, 2028, the cap shall increase to $20 million. This act also provides that, for redevelopment plans or projects approved prior to August 28, 2018, which are expanded with buildings of new construction, and for all redevelopment plans or projects approved after August 28, 2018, no single redevelopment plan or project shall receive an appropriation that exceeds three million dollars annually. This act is similar to SB 199 (2017). JOSHUA NORBERG
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