Summary of the Introduced Bill

HB 1256 -- Tax Increment Financing

Sponsor:  Flook

This bill changes the laws regarding tax increment financing.  In
its main provisions, the bill:

(1)  Increases the amount of new state revenue approved for
disbursement from the Missouri Supplemental Tax Increment
Financing Fund from $32 million to $50 million annually;

(2)  Specifies how the incremental increase in the general
revenue portion of state sales tax revenues received in the
redevelopment project area will be calculated; and

(3)  Specifies that in no event will the incremental increase
include any amounts attributable to retail sales generated by
businesses that were not located in the project area in the
calendar year prior to the municipality's adoption of an
ordinance approving the redevelopment project unless the
municipality has proven to the Department of Economic Development
that they do not consist of sales displaced from existing
Missouri businesses.  Currently, both the Missouri Development
Finance Board and the department must make the same finding.

Copyright (c) Missouri House of Representatives

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:21 am