HB 701 -- Tax Increment Financing

Sponsor:  Richard

Currently, up to 50% of the new state revenues generated by state
tax increment financing (TIF) projects may be appropriated to the
Missouri Supplemental TIF Fund.  These funds can be distributed
to municipalities with approved TIF project plans.  At no time
can the aggregate annual appropriation exceed $15 million.  This
bill specifies that at no time can the annual amount approved for
disbursement from the fund together with the annual amount
approved for disbursement from the State Supplemental Downtown
Development Fund exceed $150 million.

Currently, all personnel and other costs incurred by the
Department of Economic Development for the administration and
operation of the Missouri Supplemental TIF Fund must be paid from
general revenue and reimbursed by the TIF projects' developers.
This requirement is removed; however, the state can still ask
that the reasonably incurred expenses of the departments of
Economic Development and Revenue for the administration of the
TIF projects be reimbursed from the revenues deposited into the
Missouri Supplemental TIF Fund.

Missouri House of Representatives
93rd General Assembly, 1st Regular Session
Last Updated August 25, 2005 at 1:20 pm