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Introduced Senate Bill (S)

DIGEST

Taxes for public safety in allocation areas. Provides that property tax proceeds in a tax increment financing allocation area established after April 30, 2020, that are attributable to the portion of the assessed value that represents the percentage of property tax revenue that was budgeted by taxing units for police or fire services in the allocation area immediately preceding the effective date of the allocation provision shall be allocated and paid into the funds of those respective taxing units. Makes corresponding changes. Taxes for public safety in allocation areas. Provides that property tax proceeds in a tax increment financing allocation area established after April 30, 2020, that are attributable to the portion of the assessed value that represents the percentage of property tax revenue that was budgeted by taxing units for police or fire services in the allocation area immediately preceding the effective date of the allocation provision shall be allocated and paid into the funds of those respective taxing units. Makes corresponding changes.