Tax Increment Financing Act; authorize optional taxpayer agreements to provide additional security for obligations under.

Status label changed from 'Committee Substitute' to 'As Passed the Senate' in the header and subtitle, indicating the bill was passed by the Senate without further changes.

New Section 21-45-23 authorizes municipalities to enter voluntary taxpayer agreements with property owners to guarantee bond repayment or provide payments in lieu of tax increment revenues.

New authority for municipalities to issue conduit bonds secured by taxpayer agreements, liens, tax increment revenues, or combinations thereof.

New lien provisions allow taxpayer agreements to be secured by liens that have parity with ad valorem tax liens and can be foreclosed like delinquent taxes.

New definition of 'taxpayer agreement' as a voluntary written agreement under the new Section 21-45-23.

Expanded definition of 'redevelopment project' to include costs of public or private improvements in connection with developer projects under Sections 21-45-9 or 21-45-23.

New requirement that taxpayer agreements cannot exceed 30 years in duration.

Added effective date of July 1, 2026, and clarified that municipalities are not required to enter into taxpayer agreements.