Class 2 municipalities, tax increment districts further provided for

HB 567 amends existing law concerning tax increment districts for Class 2 municipalities. Currently, a municipality can generally include up to 10% of its total equalized taxable property in these districts. This bill would allow Class 2 municipalities to increase that limit to 50% of their total equalized taxable property. This change would align Class 2 municipalities with the higher limit currently available to Class 3 municipalities, enabling them to include more property in districts used to fund economic development projects.