Introduced
by
To establish new revenue limits, and new reporting and transparency requirements, on local development and other types of tax increment financing authorities (TIFAs). The bill would exempt new property tax millages approved starting in 2017 from the having their revenue “captured” by these entities. A TIFA "captures" the “increment” of extra local property tax revenue that supposedly will result from it spending borrowed money on various subsidies and projects within its jurisdiction. The tax revenue “captured” from other public bodies is used to pay off the debt. The bill is part of a package comprised of House Bills 5851 to 5856 that apply these new standards to different types of TIFA.
Referred to the Committee on Local Government and Municipal Finance
Reported without amendment
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Passed in the House 61 to 47 (details)
To establish new revenue limits, and new reporting and transparency requirements, on local development and other types of tax increment financing authorities (TIFAs). The bill would exempt new property tax millages approved starting in 2017 from the having its revenue “captured” by these entities. A TIFA "captures" the “increment” of extra local property tax revenue that supposedly will result from it spending borrowed money on various subsidies and projects within its jurisdiction. The tax revenue “captured” from other public bodies is used to pay off the debt. The bill is part of a package comprised of House Bills 5851 to 5856 that apply these new standards to different types of TIFA.
Referred to the Committee on Economic Development and International Investment
