Bill > SB203

This bill mandates that before a tax increment financing (TIF) district can be established, its financing plan, which outlines how the project costs will be paid for using future tax revenue increases, must undergo a review by an independent third party. This review will include a cost-benefit analysis of the project, an estimation of how property tax distribution will change over time, and an assessment of the project's expected impact on employment, housing, and overall economic output. Additionally, the governing body, which is the local government entity responsible for the district, must find that the social or economic benefits of the project outweigh its costs to property owners and taxing authorities within the district, and this finding must be included in the resolution establishing the district.

Budget and Finance

https://sdlegislature.gov/#/Session/Bill/27090