Introduced
by
To increase from three to six the number of areas in which “certified technology parks” (previously dubbed "smart zones") are permitted to "capture" school taxes, in addition to capturing other property millages collected by local governments. These emntities use “tax increment financing” to provide infrastructure or other subsidies to technology-based businesses. Like the better-known Downtown Development Authorities, they collect the extra local property tax revenue that (hopefully) results from property value increases generated by their selective subsidies and projects.
Referred to the Committee on Economic Development
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Passed in the Senate 36 to 0 (details)
To increase from three to nine the number of areas in which “certified technology parks” (previously dubbed "smart zones") are permitted to "capture" school taxes, in addition to capturing other property millages collected by local governments. These emntities use “tax increment financing” to provide infrastructure or other subsidies to technology-based businesses. Like the better-known Downtown Development Authorities, they collect the extra local property tax revenue that (hopefully) results from property value increases generated by their selective subsidies and projects.
Referred to the Committee on Commerce
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Passed in the House 81 to 28 (details)
To increase from three to nine the number of areas in which “certified technology parks” (previously dubbed "smart zones") are permitted to "capture" school taxes, in addition to capturing other property millages collected by local governments. These emntities use “tax increment financing” to provide infrastructure or other subsidies to technology-based businesses. Like the better-known Downtown Development Authorities, they collect the extra local property tax revenue that (hopefully) results from property value increases generated by their selective subsidies and projects.
