Bill > HB1064

This bill amends the Tax Increment Financing Act to further provide definitions, including "anti-displacement activities" - projects, programs, and operations that prevent or compensate for the involuntary relocation of residents or businesses. The bill also expands the definition of "project" to include anti-displacement activities within or outside the tax increment district, as outlined in the approved project plan. Additionally, it increases the maximum duration of a tax increment district from 20 to 25 years and the maximum term for tax increment bonds or notes from 20 to 25 years. The bill aims to address issues of displacement and community impact in the implementation of tax increment financing projects.