Bill > SB774

This bill modifies provisions related to tax increment financing (TIF), a tool used by municipalities to fund redevelopment projects by capturing the increase in property taxes generated by new development. The bill clarifies definitions for terms like "blighted area," "conservation area," and "economic activity taxes," which are taxes generated by new economic activity within a TIF district above a baseline amount. It also outlines procedures for creating and appointing members to commissions that oversee TIF projects, with specific rules for different types of municipalities and populations. The bill details requirements for public hearings and notice to taxing districts, and establishes a two-thirds majority vote for governing bodies to approve projects over a commission's opposition. Additionally, it addresses how tax increment financing can be used for infrastructure projects within economic development areas and introduces provisions for utilizing new state revenues, such as sales and income taxes, to fund certain TIF projects, with specific conditions and limitations on the amount and duration of such funding.