The bill amends the Local Development Act by introducing significant changes to the approval process for districts, plans, or projects. A key requirement is that any creation of a district, plan, or project must receive majority voter approval from eligible voters within the jurisdiction. Additionally, separate approval from local taxing jurisdictions is mandated, and new restrictions are placed on review committee members, prohibiting them from accepting anything of value from entities that would benefit from the formation of incentive or increment districts. The terminology has also shifted from "blighted" areas to "underdeveloped" areas, indicating a change in focus for development incentives.

Moreover, the bill enhances the operational standards for review committees by requiring them to undergo a minimum of twelve hours of instruction on the Local Development Act and related financial concepts before making recommendations. Committees are also required to hold annual meetings, seek professional opinions on proposals, and consider both supportive and opposing presentations. New requirements include gathering detailed information about involved for-profit businesses, assessing their diversity, equity, and inclusion policies, and preparing an economic impact study to evaluate the effects of apportioned tax revenues on local jurisdictions. These provisions are set to take effect on November 1, 2025.