Bill > HB19

This bill modifies existing tax increment financing (TIF) laws by adding a new requirement for local governments to hold a public hearing before pledging tax increments to pay bonds that would extend a TIF district beyond its standard 15-year term. Specifically, before extending the termination of a TIF district, the local government's legislative body must conduct a public hearing to evaluate whether fulfilling the urban renewal or economic development plan necessitates such bond pledging. The local government must also provide advance notice of this public hearing to the county and school district where the TIF district is located. The bill applies to any tax increment bond pledges made on or after its effective date, ensuring transparency and public input in decisions that could extend the financial obligations of tax increment financing districts. Tax increment financing is a method local governments use to fund infrastructure and development projects by capturing the increased property tax revenue generated within a designated district.

Budget and Finance

https://bills.legmt.gov/#/lc/bill/2/LC0084