Introduced
by
To revise the qualifications for a local government to create a local development finance authority with the power to impose a tax increment finance plan (TIF), so as to allow a particular community to qualify. A TIF plan "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 the authority undertakes. The “captured” tax revenue is used to pay off the debt incurred by borrowing to subsidize these activities.
Referred to the Committee on Economic Development and Regulatory Reform
