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Senate Bill 0289


Senate Bill 0289

ARCHIVE (2013)

Latest Information

 

DIGEST OF INTRODUCED BILL


Sales tax increment financing areas. Provides that a military base reuse authority (reuse authority) may designate a sales tax increment financing area (STIF area) if the reuse authority finds that there are certain obstacles to redevelopment or development within the proposed area. Requires the reuse authority to submit the resolution designating the STIF area to the budget committee for review and recommendation to the budget agency. Provides that the budget agency must approve or disapprove the STIF area. Specifies that a STIF area must terminate not later than 15 years after the initial designation of the area is approved by the budget agency, but that a reuse authority may extend the duration of the area for an additional period of not more than 15 years. Provides that the department of state revenue shall annually calculate the incremental sales tax amounts within a STIF area, and that the auditor of state shall annually distribute the incremental sales tax amounts to the reuse authority. Provides that the amount necessary to make the distribution is appropriated from the state general fund. Specifies that a reuse authority may use incremental sales tax amounts to pay costs related to infrastructure within the STIF area (including debt service or lease payments on bonds or leases that are issued or entered into to finance infrastructure or to lease infrastructure).
    Current Status:
     In Committee - first House
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