House Bill No. [insert bill number] aims to revise tax increment financing laws by excluding certain school levies and debt service levies from the calculation of tax increments for newly created districts. The bill amends Section 7-15-4286 of the Montana Code Annotated (MCA) to specify that for targeted economic development districts and urban renewal areas created after the effective date of the act, the combined mill rates used to calculate the tax increment will not include mill rates for university system mills, new mill levies approved by voters after the adoption of a tax increment provision, and any portion of an existing mill levy designated as excluded by local government. Additionally, it introduces new provisions regarding the treatment of excess tax increment funds.

The bill establishes an immediate effective date upon passage and approval, and it outlines the applicability of the new provisions to urban renewal areas and targeted economic development districts created on or after the effective date. It also clarifies that certain sections of the bill will apply to voted levies approved after the effective date, ensuring that the changes are relevant to future tax increment calculations. Overall, the bill seeks to streamline the tax increment financing process while providing specific exclusions to support local economic development initiatives.

Statutes affected:
LC Text: 7-15-4286
HB0451_1(1): 7-15-4286
HB0451_1(2): 7-15-4286
HB0451_1(3): 7-15-4286
HB0451_1(4): 7-15-4286
HB0451_1(5): 7-15-4286
HB0451_1(6): 7-15-4286
HB0451_1(7): 7-15-4286
HB0451_1: 7-15-4286
HB0451_2(1): 7-15-4286
HB0451_2(2): 7-15-4286
HB0451_2(3): 7-15-4286
HB0451_2(4): 7-15-4286
HB0451_2(5): 7-15-4286
HB0451_2(6): 7-15-4286
HB0451_2(7): 7-15-4286
HB0451_2(8): 7-15-4286
HB0451_2: 7-15-4286