Introduced
by
To create to just keep any extra money they collect for a project they have been authorized to perform that exceeds the actual cost, if their board declares the extra money will “further the development program in accordance with the tax increment financing plan” authorized by a local government. A TIFA borrows money for specific purposes and repays the debt by "capturing" the “increment” of extra local property tax revenue that is supposed to result from spending the borrowed money on various developer subsidies and local improvement projects. Under current law the money this bill would allow TIFAs to keep would otherwise revert to the tax authorities whose “tax increments” it is collecting.
Referred to the Committee on Local Government and Municipal Finance
