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FISCAL NOTE
Senate Bill 242
Committee: Fiscal Responsibility & Economic DevelopmentSponsor: Senator Bobby Singleton
Analyst: Mathieu Fuller Date: 04/03/2024
Senate Bill 242as introduced would allow counties and municipalities to authorize the
incorporation of an innovation district as a public corporation and would allow these districts to
abate certain unrestricted tax revenues; acquire and improve property; charge and collect fees,
licenses, and rates; to grant or lend funds, including certain tax proceeds; to assume or issue
certain financial obligations; to pledge certain tax proceeds for financial obligations of the
district; to provide for the financial obligations of these districts; to accept funds from certain
entities; to employ and set the compensation of employees; and to invest funds of the district.
This bill would also allow the state or local governments to provide funds or property to these
districts and incur financial obligations for such districts.
This bill would also exempt each district from state competitive bid law and from all taxation,
which would decrease receipts to various entities and funds by an undetermined amount,
including the State General Fund, Education Trust Fund, county, and municipal funds.