SB 221
Modifies provisions relating to tax increment financing
Sponsor:
LR Number:
0523S.01I
Committee:
Last Action:
2/25/2021 - Hearing Scheduled S Ways and Means Committee
Journal Page:
Title:
Calendar Position:
Effective Date:
August 28, 2021

Current Bill Summary

SB 221 - This act authorizes the State Auditor to audit any tax increment financing (TIF) redevelopment project in the same manner that he or she may audit any agency of the state. (Section 29.207)

This act also excludes local sales taxes whose revenue is dedicated to education programs or to a fire protection district from the definitions of "economic activity taxes" and "payment in lieu of taxes" for the purposes of funding TIF districts. (Sections 99.805 and 99.845)

This act prohibits the implementation of a TIF redevelopment project without its redevelopment plan receiving approval from the local TIF commission. (Section 99.820)

This act is identical to HB 1493 (2020).

JOSH NORBERG

Amendments

No Amendments Found.