Senator Rick Girdler (R-Somerset) filed Senate Bill 111 Tuesday afternoon. The measure returns local control to tax increment financing (TIF) for local-only developments.
Legislators added language in the 2021 session that required a study for a local-only TIF. That change created an economic burden on cities by requiring the services of outside consultants or financial advisors.
Senate Bill 111 gives cities the option to choose whether they want to engage with an outside consultant if they pledge occupational license taxes as part of the local tax revenues that support the local development area. The KLC initiative also clarifies what information is required in the report.
Senate Bill 111 awaits a committee assignment. You can follow KLC initiatives and supported bills here.