Senate Bill 689 proposes an amendment to the existing law regarding the lifespan of tax incremental districts (TIDs) specifically for housing stock improvement. The bill extends the maximum duration for which a TID can be extended from one year to three years, provided that certain conditions are met. Currently, a city or village can extend a TID's life for one year after it has recovered all project costs, but under the new bill, a majority approval from other taxing jurisdictions is required for any extension beyond one year.

The bill also includes specific amendments to the legal language governing TID extensions. It modifies the introductory clause of the statute to clarify that extensions are subject to new provisions, and it adds a new section that stipulates that any extension longer than one year must receive approval from the joint review board. Additionally, the bill requires cities to forward resolutions related to TID extensions to the Department of Revenue, ensuring proper notification and compliance with the new regulations.

Statutes affected:
Bill Text: 66.1105(6)(g)1.(intro.), 66.1105, 66.1105(6)(g)1.b