Introduced
by
To establish new revenue limits, and new reporting and transparency requirements, on Brownfield Redevelopment Authorities, The bill would exempt new property tax millages approved starting in 2017 from the having revenue “captured” by these “tax increment financing authorities” (TIFAs). 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-1) be adopted and that the bill then pass.
Passed in the House 63 to 45 (details)
Referred to the Committee on Economic Development and International Investment
