CS/HB 595 Summary

• Creates the "Municipal Revitalization Act" authorizing municipalities with 300,000+ residents and counties with 1,200,000+ residents to designate sales tax TIF (tax increment financing) areas within enterprise zones to support retail development projects

• Allows designated sales tax TIF areas to receive a percentage distribution of increased state sales tax collections, with rates ranging from 85% on increases up to $85,000 monthly down to 0% on increases exceeding $1 million monthly

• Requires retail development projects to create at least 500 jobs within 3 years and generate more than $1 million in annual tax increment revenue, with private investment equal to at least 3 times the state contribution

• Grants governing bodies power to enter into retail development project agreements and issue sales tax increment revenue bonds secured by tax increment revenues to finance public improvements including streetscape, landscaping, lighting, water/sewer infrastructure, and parking facilities

• Limits municipalities to a maximum of 2 designated sales tax TIF areas and counties to 4 areas, with sales tax TIF areas not to exceed 5 square miles and must be spaced at least one-quarter mile apart

• Takes effect July 1, 2012