This bill lowers the maximum limit on how much taxable property value can be included in tax increment financing districts. Specifically, it reduces the cap from 10% to 2.5% of the total assessed value of all taxable property in a city, town, or county. This means local governments can create smaller tax increment financing districts to fund development projects.
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Senate Withdrawn at the Request of the Prime Sponsor S.J. 260
First read in Senate and referred to Senate Taxation S.J. 142
Prime sponsor · Sen
R
Dist. SD-033
cosponsor · Rep
R
Dist. SD-034