Introduced
by
To allow brownfield redevelopment authorities to capture tax increment revenues from the "specific tax" levied under the Neighborhood Enterprise Zone Act in the same way that revenues from other specific taxes are captured. Currently, the brownfield statute does not allow for a capture of these revenues. Tax increment revenues are the portion of tax revenues which are generated by the increased business activity and value that comes about due to the presence of the particular project. It is assumed under the Act that this increased revenue would not exist without the advantages conferred by the Act.
Referred to the Committee on Commerce
Passed in the House 104 to 0 (details)
Passed in the Senate 37 to 0 (details)
To allow brownfield redevelopment authorities to capture tax increment revenues from the "specific tax" levied under the Neighborhood Enterprise Zone Act in the same way that revenues from other specific taxes are captured. Currently, the brownfield statute does not allow for a capture of these revenues. Tax increment financing revenues (TIF) are the portion of tax revenues which are generated by the increased business activity and value that comes about due to the presence of the particular project. It is assumed under the Act that this increased revenue would not exist without the advantages conferred by the Act.
