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 the process of extending TID lifespans. It clarifies that a city may extend the life of a TID for three years, subject to certain conditions, and requires the city to notify the Department of Revenue of the extension. Additionally, it mandates that if the extension is for more than one year, a resolution from the joint review board must be obtained. These changes aim to enhance the ability of municipalities to improve housing stock while ensuring oversight and collaboration with other taxing jurisdictions.

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