To establish new revenue limits, and new reporting and transparency requirements, on local development and other types of tax increment financing authorities (TIFAs). The bill would exempt new property tax millages approved starting in 2017 from the having its revenue “captured” by these entities. A TIFA "captures" the “increment” of extra local property tax revenue that supposedly will result from it spending borrowed money on various subsidies and projects within its jurisdiction. The tax revenue “captured” from other public bodies is used to pay off the debt. The bill is part of a package comprised of House Bills 5851 to 5856 that apply these new standards to different types of TIFA.
| 61 Yeas / 47 Nays | |
|---|---|
