HB 2759 Summary

• Establishes economic development reimbursement authorities allowing cities and towns to create reimbursement zones (up to 20 years) to fund infrastructure and capital improvements through tax increment revenue.

• Requires formation of a committee with representatives from all affected member entities (city/town, county, school district, and other political subdivisions) to review and approve reimbursement zone plans before authority implementation.

• Limits reimbursable improvements to infrastructure and utilities related to economic development, excluding residential projects, with reimbursements capped at actual construction and financing costs.

• Mandates independent third-party verification of financial projections, annual audits by certified public accountants, biennial status reports, and public hearings before approval of zone plans.

• Prohibits authorities from borrowing, bonding, or incurring debt; requires unspent tax increment funds to be remitted to member entities within three years after zone termination.