Introduced
by
To revise the law that allows a local taxing authority to choose to exempt its taxes from “capture” by a new local government tax increment financing authority plan (TIFA), so that rather requiring it to pass a resolution “opting out” of the capture, it would instead have to pass a resolution to “opt in.” Various types of TIFA "capture" the increment of extra local property tax revenue that would result from the property value growth which might be generated by certain improvement projects the authority undertakes. The “captured” tax revenue is then used to pay off the debt incurred by borrowing to subsidize these activities. The boundary of a TIFA may encompass more than one taxing authority (such as a library district inside a municipality, for example). The bill is part of a legislative package comprised of House Bills 5178 to 5182, each of which applies to a different type of TIFA.
Referred to the Committee on New Economy and Quality of Life
