2004 House Bill 5816 ↩

House Roll Call 463: Passed

To require local governments considering a new tax increment financing plan to notify county authorities by certified mail of the public hearing which is required for such a plan. Tax increment financing allows a local government to capture the increment of increased local property tax revenue that results from the economic growth which is supposed to result because of new public facilities. Money is borrowed to fund the new facilities, and the “captured” tax revenue is used to pay off the loan.