SB1832 amends the Tax Increment Allocation Redevelopment Act to redefine redevelopment project costs and tax increment allocation.

SB1832 amends the Tax Increment Allocation Redevelopment Act to redefine redevelopment project costs, including demolition, site preparation, and construction costs for residential parcels. It specifies that these costs must be paid from the special tax allocation fund and outlines limitations on annual payments. The bill also modifies the tax increment allocation for municipalities, adjusting the percentages for different fiscal years.

SB1832 amends the Tax Increment Allocation Redevelopment Act to redefine redevelopment project costs and tax increment allocation.

SB1832 amends the Tax Increment Allocation Redevelopment Act to redefine redevelopment project costs, including demolition, site preparation, and construction costs for residential parcels. It specifies that these costs must be paid from the special tax allocation fund and outlines limitations on annual payments. The bill also modifies the tax increment allocation for municipalities, adjusting the percentages for different fiscal years.