SB 975
Requires Department of Revenue to study use of tax increment financing revenue received by urban renewal agency to finance infrastructure outside urban renewal area to compensate for displacement of persons by urban renewal agency's projects within area.
| Status | In Senate Committee (SFR) |
| Sponsors | Kayse Jama (Democrat) (Chief) |
| Fiscal impact | May have fiscal impact, but no statement yet issued |
| Revenue impact | May have revenue impact, but no statement yet issued |
Bill Text
Requires the Department of Revenue to study how urban renewal agencies use tax increment financing revenue to compensate for displacement of residents caused by their projects.
Overview#
Requires Department of Revenue to study use of tax increment financing revenue received by urban renewal agency to finance infrastructure outside urban renewal area to compensate for displacement of persons by urban renewal agency’s projects within area. Directs department to submit report to interim committees of Legislative Assembly related to revenue not later than September 15, 2024.
Legislative History
| Date | Chamber | Action |
|---|---|---|
| 2023-02-22 | S | Introduction and first reading. Referred to President's desk. |
| 2023-02-23 | S | Referred to Finance and Revenue. |
| 2023-06-25 | S | In committee upon adjournment. |