HB5534 Summary

• Removes language prohibiting school districts from using tax increment allocation (TIF) financing increases in equalized assessed valuation (EAV) for state aid calculations until redevelopment project costs are paid.

• Eliminates the requirement that school districts use either the total initial EAV or current EAV (whichever is lower) for state aid purposes in TIF areas.

• Adds eligibility restriction for supplemental general state aid: school districts whose available local resources per pupil exceed the sum of their general state aid per pupil plus supplemental state aid grant per pupil are ineligible for the supplemental aid.

• Effective July 1, 2014.