HB3140 Summary

• Modifies the formula for calculating school district reimbursement costs for tax-increment-financing assisted housing units in redevelopment project areas designated after November 1, 1999, in municipalities with populations under 1,000,000 by removing distinctions between alternate method districts, flat grant districts, and foundation districts.

• Changes the deadline for school districts in municipalities with populations over 1,000,000 to submit reimbursement claims from September 30 to October 31 of each year.

• Requires municipalities to reimburse qualifying school districts no later than January 31st of the school year in which the claim is made (previously no specific deadline was mandated).