Introduced
by
To require local governments or authorities considering a new tax increment financing plan to notify the other taxing bodies affected by the tax increment "capture" of the public hearing that is required for such a plan. The notification must be sent by certified mail. Tax increment financing allows an authority or local government to capture the increment of increased local property tax revenue that results from the economic growth which is supposed to result from the provision of new public facilities. Money is borrowed to provide these new facilities, and the “captured” tax revenue is used to pay off the debt.
Referred to the Committee on Commerce
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Passed in the House 102 to 1 (details)
To require local governments or authorities considering a new tax increment financing plan to notify the other taxing bodies affected by the tax increment "capture" of the public hearing that is required for such a plan. The notification must be sent by certified mail.
Referred to the Committee on Economic Development, Small Business, and Regulatory Reform
Reported without amendment
With the recommendation that the bill pass.
Amendment offered
by
To require notifications from the entity considering the tax increment financing plan to be sent to the "governing body" of the affected governments, rather than just those in certain positions, to ensure that the notice is brought to the attention of the full governing body.
The amendment passed by voice vote
Passed in the Senate 38 to 0 (details)
To require local governments or authorities considering a new tax increment financing plan to notify the governing bodies of the other taxing bodies affected by the tax increment "capture" of the public hearing that is required for such a plan. The notification must be sent by certified mail.
Passed in the House 107 to 0 (details)
To concur with the Senate-passed version of the bill.
