JEFFERSON CITY — On April 4, the Missouri Senate passed Senate Bill 108. This legislation modifies how tax increment financing (TIF) is used for projects in blighted and conservation areas. Senate Bill 108 changes the definition of “blighted” to designate flood plains as blighted areas. Under SB 108, developers would not be eligible for TIF if their project is built in a flood plain. In addition, the legislation also narrows the parameters local governments can use to declare an area “blighted” in order to allow TIF redevelopment.
“Incentivizing dollars into a flood plain is bad policy, and it potentially causes more flooding downstream,” Sen. Koenig said. “Using tax increment financing for development in a flood plain needlessly risks taxpayer money that would have otherwise gone to fund fire and police departments and schools in the community. I am appreciative of my colleagues’ support for this important legislation.”
Senate Bill 108 has been approved by the Missouri Senate, and it will be sent to the Missouri House of Representatives for consideration.
###