Introduced
by
To permit local governments to “enhance” a property tax abatement granted to an industrial facility under a “tax increment finance” scheme if the local governments whose tax revenue is being skimmed by the TIFA approve. 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.
Referred to the Committee on Local Government and Municipal Finance
