The bill amends the Recodified Tax Increment Financing Act of 2018 by updating definitions and provisions related to tax increment financing (TIF). Key changes include clarifying terms such as "advance," "authority," and "development area," with a focus on the requirements for evidence of repayment for advances. The definition of "board" is modified to specify its supervisory role over an authority, and the term "development area citizens council" is updated to reflect its establishment under a new section. Additionally, the bill introduces provisions regarding "other protected obligations" and "qualified refunding obligations," outlining the conditions for their issuance or incurrence.

Significant deletions and insertions throughout the bill aim to streamline language and clarify the utilization of tax increment revenues. The bill specifies limits on the amount of tax increment revenues that can be received for eligible obligations based on the year taxes are levied and establishes new criteria for obligations related to public facilities and projects in municipalities of specific populations. It also introduces new definitions related to TIF and transit-oriented development, clarifying that tax increment revenues include ad valorem property taxes and specific local taxes based on captured assessed values, while excluding taxes shared with other jurisdictions or levied for specific purposes. Overall, the amendments seek to enhance the framework for TIF, ensuring municipalities can effectively manage financial obligations while promoting development projects.

Statutes affected:
Senate Introduced Bill: 125.4301
As Passed by the Senate: 125.4301