MO HB1504

Municipalities can adopt tax increment allocation financing that diverts tax revenues from property value increases in redevelopment areas to fund redevelopment costs through a Special Allocation Fund.

Beginning August 28, 2014, revenues from voter-approved increases in a taxing district's property tax levy rate are excluded from tax increment financing without the taxing district's consent, allowing those revenues to go to the taxing district instead.

Beginning August 28, 2014, revenues from voter-approved increases in sales or use tax rates (other than renewals) are excluded from tax increment financing without the taxing district's consent.

For redevelopment projects approved after December 23, 1997, municipalities can receive up to 50 percent of new state sales tax revenues or state income tax withholdings from new employees, subject to approval by the Department of Economic Development and Office of Administration.

The Missouri Supplemental Tax Increment Financing Fund is established to distribute state revenues to approved redevelopment projects, with a maximum annual appropriation limit of $32 million and project terms not exceeding 23 years.