Introduced
by
To prohibit tax increment finance authorities from extending or expanding current projects, or authorizing new ones, that are funded by property tax revenue "captured" from local governments or other local taxing bodies, unless these entities have approved these potential reductions of their own tax revenue. These TIF schemes use the “increment” of extra property tax revenue that supposedly will result from economic growth generated by an authority’s projects or subsidies to repay the debts incurred to fund the projects or subsidies.
Referred to the Committee on Tax Policy
