South Dakota will no longer allow tax increment financing districts to issue grants to fund development projects. This bill removes the definition of "grant" from state law and eliminates the authorization for these districts to transfer money or property for governmental purposes, limiting their financing tools to other mechanisms. The changes affect how cities and counties can finance redevelopment in these designated areas.
AI-generated summary
Taxation Tabled Passed, YEAS 4, NAYS 0. S.J. 17
Taxation Scheduled for hearing
First read in Senate and referred to Senate Taxation S.J. 142
Prime sponsor · Rep
R
Dist. SD-034
Tabled
Tabled