HB 1378 -- Tax Increment Financing

Sponsor:  Portwood

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

(1)  Prohibits the revenue from an increase in any tax within a
TIF district from being used for anything other than the
specified purposes of the tax increase;

(2)  Requires that conditions and contingencies of commitments to
finance redevelopment project costs be included in the required
general description of a redevelopment plan;

(3)  Requires redevelopment plans adopted by municipal and county
governments to be re-adopted by two-thirds of all members of the
governing body if a petition is submitted according to procedures
specified in the bill;

(4)  Requires that real property tax levies attributable to the
residential portion of a TIF development pass through directly to
the school district, unless a commission member representing the
school district recommends against this or if the residential
portion of the development is part of a central business
district; and

(5)  Requires that when TIF is used for projects in the cities of
Kansas City and St. Louis, those receiving the financing must
make all good faith efforts to use minority or women business
enterprises to help complete the project.

Missouri House of Representatives
94th General Assembly, 2nd Regular Session
Last Updated October 15, 2008 at 3:10 pm