Bill > HB574

This bill modifies the existing Tax Increment Financing (TIF) law by adding a new provision that, beginning January 1, 2026, allows up to 50% of new state revenues generated by businesses within a redevelopment project to be allocated to the municipality's special allocation fund. Importantly, the bill requires these funds to be distributed to any political subdivision (such as neighborhood improvement districts, ambulance districts, fire districts, library districts, or school districts) that levies taxes on properties within the project area and would have received these revenues if TIF had not been adopted. This change aims to ensure that local taxing entities can benefit from economic development projects even when TIF financing is in place. The bill sets specific conditions for how these funds can be collected and distributed, building upon existing complex TIF regulations that allow municipalities to use future property tax increases to fund redevelopment projects. The provision is part of a broader set of regulations that govern how tax revenues can be used to support urban redevelopment and economic growth in Missouri.

https://house.mo.gov/Bill.aspx?bill=HB574&year=2025&code=R