HB 1074

 26.80.12  101st Legislative Session  1074
                                          2026 South Dakota Legislature
                                                  House Bill 1074
 Introduced by: Representative Novstrup
1 An Act to provide for compensation to counties for administering tax increment
2financing districts created by a municipality.
3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
4 Section 1. That § 11-9-25 be AMENDED:
511-9-25. Positive Except as provided in this section, positive tax increments of a
6     district shall must be allocated to the municipality political subdivision that created the
7     district for each year from the date when the district is created until the municipality
8     political subdivision has been reimbursed for expenditures previously made, has paid all
9     monetary obligations, and has retired all outstanding tax increment bonds. However, in
10     no event may the The positive tax increments may not be allocated longer than twenty
11     years after the calendar year of the district's creation.
12A county may withhold, from positive tax increments of a district created by a
13     municipality, an amount no greater than the cost incurred by the county in administering
14     the district.
15 Section 2. That § 11-9-31 be AMENDED:
1611-9-31. The county treasurer or municipal finance officer, as applicable, shall
17     deposit all remaining tax increments received in a district into a special fund for the
18     district, after deducting an amount equal to the cost incurred by the county in
19     administering the district.
20The county treasurer or municipal finance officer, as applicable, may deposit
21     additional moneys into the fund pursuant to an appropriation by the governing body.
22     Subject to any agreement with bondholders, moneys in the fund may be temporarily
23     invested in the same manner as other funds of the political subdivision.
                                                                              Underscores indicate new language.
                                                                            Overstrikes indicate deleted language.