Introduced
by
To consolidate laws authorizing seven different kinds of “tax increment finance authorities” (TIFA) into a single law. A TIFA "captures" the “increment” of extra local property tax revenue that supposedly will result from spending borrowed money on various subsidies and projects. The tax revenue “captured” from other public bodies is used to pay off the debt. Downtown Development Agencies are the best known type. The bill would increase and make uniform TIFA reporting requirements, include in the reports information on the debt they have incurred and direct or indirect subsidies granted, provide sanctions for authorities that fail to make required reports, and prescribe what information they must post on their websites.
Referred to the Committee on Economic Development and International Investment
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
by
The substitute passed by voice vote
Passed in the Senate 37 to 0 (details)
Referred to the Committee on Local Government and Municipal Finance
