Minnesota HF949 clarifies the uses of unobligated tax increment financing (TIF) increment.

Minnesota HF949 amends the state statutes to clarify the uses of unobligated tax increment financing (TIF) increment. The bill allows the TIF authority to transfer unobligated increment for specific purposes, such as providing assistance for private development that creates or retains jobs or making equity investments to make such developments financially feasible. The authority must create a written spending plan and obtain municipal approval after a public hearing. The bill also specifies that increments not spent, loaned, or invested by December 31, 2025, must be returned to the district.

Minnesota HF949 clarifies the uses of unobligated tax increment financing (TIF) increment.

Minnesota HF949 amends the state statutes to clarify the uses of unobligated tax increment financing (TIF) increment. The bill allows the TIF authority to transfer unobligated increment for specific purposes, such as providing assistance for private development that creates or retains jobs or making equity investments to make such developments financially feasible. The authority must create a written spending plan and obtain municipal approval after a public hearing. The bill also specifies that increments not spent, loaned, or invested by December 31, 2025, must be returned to the district.