Introduced
by
To require a downtown development authority considering new or tax increment financing plans to notify county authorities by certified mail of the public hearing which is required for such a plan. Tax increment financing allows an authority to capture the increment of increased local property tax revenue that results from the economic growth which is supposed to result because of new public facilities. Money is borrowed to fund the new facilities, and the “captured” tax revenue is used to pay off the loan.
Referred to the Committee on Commerce
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one containing technical changes that do not affect its substance as previously described.
The substitute passed by voice vote
Passed in the House 94 to 9 (details)
To require a downtown development authority considering new or tax increment financing plans to notify county authorities by certified mail of the public hearing which is required for such a plan. Tax increment financing allows an authority to capture the increment of increased local property tax revenue that results from the economic growth which is supposed to result because of new public facilities. Money is borrowed to fund the new facilities, and the “captured” tax revenue is used to pay off the loan.
Referred to the Committee on Economic Development, Small Business, and Regulatory Reform
