lower the cost threshold at which a tax increment finance base must be redetermined.

Summary

HB 1247 changes South Dakota law so that if a city or town amends a tax increment financing (TIF) project and adds significant new costs, the tax increment base must be recomputed. The rule does not apply only when the added costs are modest—35% or less of the original approved amount and incurred before the project’s expiration. This aims to tighten oversight of TIF districts and ensure tax revenues reflect actual project spending.

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