HB1074

Allows counties to withhold a portion of tax increments for costs of administering tax increment financing districts.

This bill amends South Dakota law to allow counties to withhold from positive tax increments an amount up to the cost incurred in administering a tax increment financing district created by a municipality. The positive tax increments may not be allocated longer than twenty years after the district's creation. The county treasurer or municipal finance officer must deposit remaining tax increments into a special fund for the district, after deducting the administrative cost.