Introduced
by
To prohibit tax increment financing authorities from “capturing” new property taxes imposed to pay for retirement benefits given to police and fire personnel, or ones imposed through a court order. A TIFA "captures" the “increment” of extra local property tax revenue that supposedly will result from the its spending borrowed money on various projects within its jurisdiction. The “captured” tax revenue is used to pay off the debt. Downtown Development Agencies are the best known of several types of TIFAs.
Referred to the Committee on Local, Intergovernmental, and Regional Affairs
