Assembly Bill 708 proposes to amend the existing law regarding the lifespan of tax incremental districts (TIDs) specifically for housing stock improvement. Currently, cities and villages can extend the life of a TID for up to one year after they have recovered all project costs. The bill seeks to extend this maximum duration from one year to three years, allowing for a longer period to utilize tax incremental financing (TIF) for housing improvements. However, for any extension beyond one year, the approval of a majority of other taxing jurisdictions is required.

The bill also includes specific amendments to the legal language governing TID extensions. It introduces a new provision that stipulates that an extension may not exceed one year unless approved by the joint review board. Additionally, it modifies existing language to clarify the requirements for cities to notify the Department of Revenue regarding the extension and the associated resolutions. Overall, this legislation aims to enhance the ability of municipalities to improve housing stock through extended financial mechanisms.

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