HB1289

Modifies requirements for creating a tax increment financing district in South Dakota.

South Dakota HB1289 modifies the requirements for creating a tax increment financing district. The bill stipulates that a district cannot be created within a municipality without the municipality's consent. It also mandates that if the tax increment base of a proposed district exceeds one-half percent of the total assessed value of all taxable property in the political subdivision, a special election must be held. The bill outlines the process for determining the tax increment base and the conditions under which a district may be dissolved.