HB1988 Summary

• Allocates 25% of tax increment financing (TIF) revenues from property value increases directly to school districts within redevelopment project areas, proportional to what they would have received without TIF.

• Directs the remaining 75% of TIF incremental revenues to the municipal special tax allocation fund for redevelopment project costs and obligations.

• Permits school districts in redevelopment project areas established after the bill's effective date to negotiate additional percentages of TIF increment revenues beyond the base 25% allocation.

• Applies to all municipalities, with specific provisions for municipalities with populations of 1,000,000 or more located in transit facility improvement areas.