SB228 modifies provisions for tax increment financing districts in South Dakota.

SB228 amends South Dakota's tax increment financing district laws. It requires the Department of Revenue to determine the aggregate assessed value of taxable property in the district, which becomes the tax increment base. The bill mandates that no county can create a district within a municipality without the municipality's consent, and no municipality can create a district without the county's consent. It defines "blighted area" and "project costs," and specifies that a special election must be held to establish a district.

SB228 modifies provisions for tax increment financing districts in South Dakota.

SB228 amends South Dakota's tax increment financing district laws. It requires the Department of Revenue to determine the aggregate assessed value of taxable property in the district, which becomes the tax increment base. The bill mandates that no county can create a district within a municipality without the municipality's consent, and no municipality can create a district without the county's consent. It defines "blighted area" and "project costs," and specifies that a special election must be held to establish a district.