SCS SB 707 & 484 -- TAX INCREMENT FINANCING

SPONSOR: Flotron (Scheve)

COMMITTEE ACTION: Voted "do pass by consent" by the Committee on Commerce by a vote of 23 to 0.

Current law excludes the blind pension fund tax and the merchant's and manufacturer's inventory replacement tax from tax increment financing (TIF) projects, except in redevelopment projects approved by the municipality's governing body after April 1, 1990, and before January 1, 1998. This substitute specifies that these taxes are included in TIF projects approved after August 13, 1982, and before January 1, 1998. This substitute also allows 3 members of TIF commissions in municipalities located in St. Louis County to be appointed by the county executive, with the consent of the county council. The substitute contains an emergency clause.

FISCAL NOTE: Loss to Blind Pension Fund of Unknown in FY 1999, FY 2000, and FY 2001.

PROPONENTS: Supporters say that the bill corrects an error made in legislation passed last year, relating to the appointment of county members to tax increment financing commissions in St. Louis.

Testifying for the bill was Senator Flotron.

OPPONENTS: There was no opposition voiced to the committee.

Debra Cheshier, Senior Legislative Analyst

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