IN SB0360

Specifies that tax increment financing (TIF) allocation area expiration dates may not exceed 30 years after the allocation area was established, for areas established before July 1, 2008.

Creates exceptions allowing 30-year expiration periods measured from the date of last expansion for: (1) allocation areas containing a technology or research center established before 2012 and operated by or affiliated with a state educational institution, and (2) allocation areas initially established in 1990 that were expanded in 2008.

Maintains existing 25-year expiration limit for TIF allocation areas established after June 30, 2008, measured from the date the first obligation was incurred for bonds or lease payments.

Preserves existing provisions allowing expiration dates to be extended if bonds or other obligations remain outstanding beyond the specified expiration date.

Effective July 1, 2013.