COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
LR No.: 4654-02
Bill No.: SB 1304
Subject: Tax Increment Financing:
Type: Original
Date: March 9, 2004
FISCAL SUMMARY
FUND AFFECTED | FY 2005 | FY 2006 | FY 2007 |
Total Estimated
Net Effect on General Revenue Fund |
$0 | $0 | $0 |
FUND AFFECTED | FY 2005 | FY 2006 | FY 2007 |
Total Estimated
Net Effect on Other State Funds |
$0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
FUND AFFECTED | FY 2005 | FY 2006 | FY 2007 |
Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
FUND AFFECTED | FY 2005 | FY 2006 | FY 2007 |
Local Government | $0 | $0 | $0 |
ASSUMPTION
Officials of the Department of Economic Development assume no fiscal impact.
Officials of Jasper County and Greene County assume no fiscal impact.
Oversight assumes this proposal amends the provisions of Section 99.847, Subdivision 3 to extend the date from July 1, 2003 to July 1, 2005.
FISCAL IMPACT - State Government | FY 2005
(10 Mo.) |
FY 2006 | FY 2007 |
$0 | $0 | $0 |
FISCAL IMPACT - Local Government | FY 2005
(10 Mo.) |
FY 2006 | FY 2007 |
$0 | $0 | $0 |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
This act provides that any district providing emergency services will be entitled to reimbursement from the special allocation fund in an amount of at least fifty percent of the district's tax increment.
Under this act, no new tax increment financing project shall be authorized in any area which is within an area designated as flood plain and located within St. Charles county.
This act shall not apply to tax increment financing projects or districts approved prior to July 1, 2005.
The act shall allow the tax increment financing projects to modify, amend, or expand such projects. The act allows the tax increment financing district to modify, amend, or expand such districts by not more than five percent.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.
SOURCES OF INFORMATION
Department of Economic Development
Jasper County Commission
Greene County Commission
NOT RESPONDING
Numerous Cities and Counties
Mickey Wilson, CPA
Director
March 9, 2004