2014 Senate Bill 1097 ↩

Senate Roll Call 676: Passed

To increase from three to nine the number of areas in which “certified technology parks” (previously dubbed "smart zones") are permitted to "capture" school taxes, in addition to capturing other property millages collected by local governments. These emntities use “tax increment financing” to provide infrastructure or other subsidies to technology-based businesses. Like the better-known Downtown Development Authorities, they collect the extra local property tax revenue that (hopefully) results from property value increases generated by their selective subsidies and projects.