Introduced by Rep. Jeff Farrington R-Utica on February 26, 2013
To allow “corridor improvement authorities” to “reset” their tax increment financing schemes (TIF) to reflect declining property assessments, which undermine their ability to divert property tax revenue from local governments and other taxing units to pay for the authority’s debt-funded spending projects and subsidies. A TIF "captures" the extra local property tax revenue that supposedly will result from these projects; this revenue is then used to repay money borrowed to fund that spending. The bill allows these authorities to change the base year from which future tax revenue increases ("increments") are measured. Official Text and Analysis.
Referred to the House Commerce Committee on February 26, 2013
Reported in the House on October 9, 2013
Without amendment and with the recommendation that the bill pass.