Introduced
by
To revise the law that authorizes local “tax increment financing authorities” to allow them to borrow and spend in infrastructure improvements within a half mile of a transit station that promote transit ridership, and on transit stations themselves, with the debt to be repaid by “capturing” increases in local property tax revenue generated by higher tax assessments. The bill is part of a package comprised of Senate Bills 1233 to 1237.
Referred to the Committee on Commerce and Tourism
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 36 to 0 (details)
To give local "tax increment financing authorities" the power to borrow and spend on infrastructure projects and subsidies that promote the use of mass transit and are within a half mile of a transit station. The debt is paid by "capturing" a portion of increased property taxes that would otherwise be available to local governments to pay for their own operations (or for tax cuts). The bill is part of a package comprised of Senate Bills 1233 to 1237.
Referred to the Committee on Intergovernmental, Urban, and Regional Affairs
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Passed in the House 69 to 31 (details)
To give local "tax increment financing authorities" the power to borrow and spend on infrastructure projects and subsidies that promote the use of mass transit and are within a half mile of a transit station. The debt is paid by "capturing" a portion of increased property taxes that would otherwise be available to local governments to pay for their own operations (or for tax cuts). The bill is part of a package comprised of Senate Bills 1233 to 1237.
