SB297 Summary

• Proposes a constitutional amendment to allow municipalities and counties with tax increment districts in Major 21st Century Manufacturing Zones to determine property compensation amounts at their sole discretion, rather than being bound to fair market value minimum.

• Exempts tax increment districts in Major 21st Century Manufacturing Zones from constitutional Sections 93 and 94, which prohibit giving or lending public credit to private interests.

• Permits public moneys, including ad valorem tax revenues and bond proceeds collected within qualifying tax increment districts, to be disposed of to private interests for consideration determined by the governing body without constitutional restrictions.

• Specifies that obligations issued by municipalities or counties for these purposes shall not count against constitutional debt limits.

• Validates and confirms the Major 21st Century Manufacturing Zone Act (Act 2013-51) and requires voter approval through statewide election conducted per constitutional procedures.