2014 Senate Bill 1097

Expand technology business subsidies

Introduced in the Senate

Oct. 1, 2014

Introduced by Sen. Mark Jansen (R-28)

To increase from three to six the number of areas in which “certified technology parks” (previously dubbed "smart zones") are permitted to "capture" school taxes, in addition to capturing other property millages collected by local governments. These emntities use “tax increment financing” to provide infrastructure or other subsidies to technology-based businesses. Like the better-known Downtown Development Authorities, they collect the extra local property tax revenue that (hopefully) results from property value increases generated by their selective subsidies and projects.

Referred to the Committee on Economic Development

Nov. 6, 2014

Reported without amendment

With the recommendation that the substitute (S-1) be adopted and that the bill then pass.

Nov. 13, 2014

Passed in the Senate 36 to 0 (details)

To increase from three to nine the number of areas in which “certified technology parks” (previously dubbed "smart zones") are permitted to "capture" school taxes, in addition to capturing other property millages collected by local governments. These emntities use “tax increment financing” to provide infrastructure or other subsidies to technology-based businesses. Like the better-known Downtown Development Authorities, they collect the extra local property tax revenue that (hopefully) results from property value increases generated by their selective subsidies and projects.

Received in the House

Dec. 2, 2014

Referred to the Committee on Commerce

Dec. 11, 2014

Reported without amendment

Without amendment and with the recommendation that the bill pass.

Dec. 18, 2014

Passed in the House 81 to 28 (details)

To increase from three to nine the number of areas in which “certified technology parks” (previously dubbed "smart zones") are permitted to "capture" school taxes, in addition to capturing other property millages collected by local governments. These emntities use “tax increment financing” to provide infrastructure or other subsidies to technology-based businesses. Like the better-known Downtown Development Authorities, they collect the extra local property tax revenue that (hopefully) results from property value increases generated by their selective subsidies and projects.