SB3130 Summary

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

• For municipalities with populations over 1,000,000, requires any surplus balance in the special tax allocation fund at the end of the fiscal year to be used for school district 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 deemed as surplus funds, restricting what can be classified as surplus.

• Applies these requirements specifically to redevelopment project areas in large municipalities while maintaining existing tax increment allocation financing procedures for property tax purposes.