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Committee forwards HB 2451 on tax-increment financing changes to Ways and Means
Summary
The committee recommended engrossed second substitute House Bill 2451 to the Ways and Means Committee; staff said the bill tightens rules for creating local tax increment financing areas, requires sunset dates and construction-start deadlines, and establishes negotiation and arbitration processes for impacted taxing districts.
The Senate Local Government Committee voted by voice to recommend engrossed second substitute House Bill 2,451 to the Ways and Means Committee. Committee staff summarized the bill's primary changes and fiscal implications before the motion and vote.
Staff said the bill changes requirements and provisions for establishing a local tax increment financing (TIF) area, requires the increment-area ordinance to set certain sunset dates and construction-start deadlines, modifies project analyses and the assessment of impacts submitted to the state treasurer, and establishes a negotiation, mediation and arbitration process that a local government and any impacted taxing district must engage in under certain conditions. "The bill makes changes to the requirements and provisions for establishing a local tax increment financing area," staff said. The bill passed the House 93-1.
Staff reported general fund state expenditures estimates for the 2025-27 biennium and 2027-29; no amendments were posted to the bill for this committee action. The chair moved the bill to Ways and Means, the committee voted by voice, and the chair announced the bill had passed subject to signatures.
