Introduced
by
To authorize local "transit revitalization investment zone” tax increment financing authorities (TIFAs), that could use “captured” tax revenues on street or building improvement projects related to development oriented to transit stations, with the intention of promoting transit ridership or passenger rail use. Tax increment financing "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 (or selective subsidies) that an authority undertakes (or grants).
Referred to the Committee on Transportation
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 that revises details but does not change the substance of the bill as previously described.
The substitute failed by voice vote
Substitute offered
by
The substitute passed by voice vote
Amendment offered
by
To allow the county containing a transit authority zone to opt out of having its incremental tax revenue increases "captured" by the authority.
The amendment passed 61 to 38 (details)
Passed in the House 78 to 22 (details)
To authorize local "transit revitalization investment zone” tax increment financing authorities (TIFAs), that could use “captured” tax revenues on street or building improvement projects related to development oriented to transit stations, with the intention of promoting transit ridership or passenger rail use. A county containing a transit authority zone could opt out of having its incremental tax revenue increases "captured" by the authority.
Referred to the Committee on Commerce and Tourism
Reported without amendment
With the recommendation that the substitute (S-3) be adopted and that the bill then pass.
