Lowers the cost threshold for redetermining tax increment finance base in South Dakota.

This bill amends South Dakota law to lower the cost threshold at which a tax increment finance base must be redetermined. Specifically, it changes the threshold from thirty-five percent to fifteen percent of the original project costs. This change applies when a municipality adopts an amendment to the original project plan for any district that includes additional project costs for which tax increments may be received. The tax increment base for the district will then be redetermined according to the specified section.

Lowers the cost threshold for redetermining tax increment finance base in South Dakota.

This bill amends South Dakota law to lower the cost threshold at which a tax increment finance base must be redetermined. Specifically, it changes the threshold from thirty-five percent to fifteen percent of the original project costs. This change applies when a municipality adopts an amendment to the original project plan for any district that includes additional project costs for which tax increments may be received. The tax increment base for the district will then be redetermined according to the specified section.