HB4800 Summary

• Amends the Tax Increment Allocation Redevelopment Act to allow surplus tax revenues from redevelopment areas to be used for public school district costs including special education, social services, and school psychological services.

• For municipalities with populations exceeding 1,000,000, requires that any surplus balance in the special tax allocation fund at the end of the fiscal year be entirely used to pay for qualified workers, special educational facilities and services, school psychological services, and school social work services.

• Removes provisions that allowed anticipated redevelopment project costs to be counted as surplus funds, requiring actual designated uses rather than projected future expenses.

• Applies to both municipalities with populations less than 1,000,000 (which may use surplus for school district costs) and those greater than 1,000,000 (which must use all surplus for these specified school-related purposes).