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 voter approval from a majority of eligible voters in the jurisdiction. The bill also replaces the term "blighted" with "underdeveloped" areas and stipulates that local taxing jurisdictions must separately approve the formation of an increment district to allocate tax revenues for that district.

Additionally, the bill establishes new regulations for review committees that assess proposals for incentive or increment districts. Members of these committees are prohibited from accepting any benefits from entities that would gain from the district's formation and must complete at least twelve hours of training on the Local Development Act before voting. The committees are required to conduct thorough evaluations, including gathering detailed information about involved businesses and preparing an economic impact study to assess the implications of tax revenue allocation on local jurisdictions. These provisions will take effect on November 1, 2025.