House Bill No. introduced by M. Thane 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, the bill establishes that for targeted economic development districts created on or after the effective date, the calculation will also exclude one-half of the elementary, high school, and state equalization mills, as well as any mill levy imposed by a school district under specific provisions. The act is set to take effect immediately upon passage and approval, with specific applicability provisions for urban renewal areas and targeted economic development districts created on or after the effective date.

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(10): 7-15-4286
HB0451_2(11): 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(9): 7-15-4286
HB0451_2: 7-15-4286