Introduced
by
To authorize the creation of three additional “certified technology parks” in which “tax increment financing” is used to provide subsidies to technology-based businesses. A tax increment financing authority (TIFA) "captures" the increment of extra local property tax revenue that would result from the property value growth which might be generated by certain improvement projects (or selective business subsidies) the authority undertakes (or grants).
Referred to the Committee on Commerce
Reported without amendment
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the House 79 to 29 (details)
To authorize the creation of three additional “certified technology parks” ("smart parks") in which “tax increment financing” is used to provide subsidies to technology-based businesses. A tax increment financing authority (TIFA) "captures" the increment of extra local property tax revenue that would result from the property value growth which might be generated by certain improvement projects (or selective business subsidies) the authority undertakes (or grants).
Motion
by
To give the bill immediate effect. According to news reports the required two-thirds supermajority could not be attained because Rebublican members were suspicious that all the new sites would be located in swing districts currently occupied by Democrats.
The motion failed 61 to 46 (details)
Motion
by
The motion failed 64 to 43 (details)
Referred to the Committee on Economic Development and Regulatory Reform
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the Senate 38 to 0 (details)
To authorize the creation of three additional “certified technology parks” ("smart parks") in which “tax increment financing” is used to provide subsidies to technology-based businesses. A tax increment financing authority (TIFA) "captures" the increment of extra local property tax revenue that would result from the property value growth which might be generated by certain improvement projects (or selective business subsidies) the authority undertakes (or grants).
Passed in the House 99 to 7 (details)
