Introduced
by
To authorize local "transit investment zone” tax increment financing authorities (TIFAs), that could use “captured” tax revenues on 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 that an authority undertakes.
Referred to the Committee on Transportation
