HB 1247
lower the cost threshold at which a tax increment finance base must be redetermined.
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- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
House Bill 1247 changes the rules for how tax increment finance (TIF) bases are recalculated in South Dakota. Currently, a TIF base must be redetermined if project costs increase by a certain amount. This bill lowers that threshold, meaning more projects can trigger a recalculation of the TIF base, potentially leading to more tax revenue for municipalities. This adjustment aims to better reflect the actual costs of development projects within designated TIF districts.
Sponsors
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Primary sponsor
Scott Moore
Cosponsors
Aaron Aylward
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