Introduced
by
To require the state to pay the Intermediate School District property taxes that are “captured” by a brownfield tax increment finance authority to pay for various direct and indirect subsidies for businesses and developers. The money would come from the state school aid fund and be paid to the ISD. A TIFA "captures" the “increment” of extra local property tax revenue that supposedly will result from spending borrowed money on various subsidies and projects.
Referred to the Committee on Tax Policy
Reported without amendment
Refer to the Committee on Ways and Means.
Referred to the Committee on Ways and Means
Passed in the House 97 to 12 (details)
Referred to the Committee on Economic and Small Business Development
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 32 to 6 (details)
To require the state to pay the Intermediate School District property taxes that are “captured” by a brownfield tax increment finance authority to pay for various direct and indirect subsidies for businesses and developers. The money would come from the state school aid fund and be paid to the ISD. A TIFA "captures" the “increment” of extra local property tax revenue that supposedly will result from spending borrowed money on various subsidies and projects.
