Introduced
by
To require every unit of government that has property tax collections “captured” by a tax increment financing authority (TIFA) to approve any proposed extension of these “captures” if the scheme funds a project that generates revenue, and less than half of that revenue is used to retire the debt incurred to create it. A TIFA "captures" the “increment” of extra local property tax revenue that supposedly will result from spending borrowed money on various government subsidies and projects.
Referred to the Committee on Local Government and Municipal Finance
