SB203

This bill requires South Dakota cities and counties to review and approve a detailed financing plan before they can create a tax increment financing district (a designated area where tax revenue from property growth funds development projects). The bill adds "financing plan" as a defined term in state law and establishes new procedures for how these plans must be reviewed before a district is officially established. The changes aim to ensure local governments have a clear financial strategy in place before committing public resources to tax increment financing projects.

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