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FISCAL NOTE
Senate Bill 242
Committee: Fiscal Responsibility & Economic DevelopmentSponsor: Senator Bobby Singleton
Analyst: Mathieu Fuller Date: 04/04/2024
Senate Bill 242as reported by the Committee on Fiscal Responsibility and Economic
Development would allow counties and municipalities to authorize the incorporation of an
innovation district as a public corporation and would allow these districts to: acquire and
improve property; charge and collect fees, licenses, and rates; grant or loan funds, including
certain tax proceeds; assume or issue certain financial obligations; pledge certain tax proceeds
for financial obligations of the district; provide for the financial obligations of these districts;
accept funds from certain entities; employ and set the compensation of employees; and invest
funds of the district.
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.