2001 House Bill 5472 ↩

Senate Roll Call 442: Passed

To allow brownfield redevelopment authorities to capture tax increment revenues from the "specific tax" levied under the Neighborhood Enterprise Zone Act in the same way that revenues from other specific taxes are captured. Currently, the brownfield statute does not allow for a capture of these revenues. Tax increment financing revenues (TIF) are the portion of tax revenues which are generated by the increased business activity and value that comes about due to the presence of the particular project. It is assumed under the Act that this increased revenue would not exist without the advantages conferred by the Act.