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 length of a TID life extension from one year to three years, provided that certain conditions are met. Currently, a city or village can extend a TID for one year after recovering all project costs, but under the new bill, a majority approval from other taxing jurisdictions is required for any extension beyond one year. This change aims to enhance the ability of municipalities to improve housing stock by allowing a longer period for tax increment financing.

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 requires cities to forward resolutions to the Department of Revenue when seeking extensions. Additionally, a new section is created to stipulate that any extension beyond one year must receive approval from a joint review board. These changes are intended to streamline the process for municipalities while ensuring that the interests of other taxing jurisdictions are considered.

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