Bill > SB192

This bill modifies the requirements for establishing a tax increment financing (TIF) district, which is a tool used by local governments to finance development projects by capturing future increases in property taxes. Specifically, the bill increases the percentage of real property within a proposed TIF district that must be considered blighted or contribute to economic development from twenty-five percent to fifty percent. It also clarifies the definition of a "blighted area" by making minor wording changes, such as changing "insanitary" to "unsanitary" and specifying that deterioration can apply to land or structures affixed to the land, and that tax or special assessment delinquencies should exceed the fair value of the land. The bill also adds a condition that a municipality must consent to a TIF district being created within its boundaries by a county.

Budget and Finance

https://sdlegislature.gov/#/Session/Bill/27094