CCS/SS/SCS/HB 1504 - Currently, fifty percent of additional revenue generated by taxes and attributable to economic activities in a redevelopment area utilizing tax increment financing are to be deposited into the special allocation fund for the TIF project. Certain taxes are exempt from this deposit requirement. This act adds sales taxes imposed to pay for capital improvements as part of emergency communications systems to the list of exemptions, but only for projects adopted after August 28, 2013. This act also exempts from deposit into the Special Allocation Fund revenues derived from any increase in a property tax levy or a sales tax rate taking effect after the adoption of the redevelopment area.
This act is similar to a provision contained in CCS#2/HCS/SB 693 (2014) and HCS/SCS/SB 854 (2014).
MIKE HAMMANN