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SD HB1319
Bill
Status
Introduced
2/4/2026
Primary Sponsor
Mike Weisgram
Click for details
AI Summary
- Prohibits county discretionary assessment formulas (which can reduce taxable value for up to five years on new construction) from being applied to any property within a tax increment financing (TIF) district
- Prohibits TIF districts established after July 1, 2026, from overlapping with any other existing district unless authorized by a joint resolution among affected political subdivisions
- Requires an independent fiscal feasibility review by a qualified professional (registered municipal advisor, licensed CPA with municipal finance experience, or other approved third-party reviewer) before a governing body may approve a project plan for any TIF district established after July 1, 2026; the review must be made public at least 14 days before the governing body considers the establishing resolution
- Adds new requirements for TIF district establishment resolutions, including a finding that the assessed value of the proposed district plus existing district bases does not exceed 10% of total assessed taxable property in the political subdivision, review by all affected taxing jurisdictions at a public meeting, and assignment of a sequential district name
- Requires administrative fees charged by a governing body for TIF district management to be reasonable and directly related to actual employee time and expenses, and requires a final financial statement accounting for remaining fund distribution within 30 days of district termination
Legislative Description
Update provisions related to tax increment financing districts.
Fees
Last Action
Taxation Tabled, Passed, YEAS 11, NAYS 1.
2/17/2026
Committee Referrals
Taxation2/4/2026
Full Bill Text
No bill text available