Ensure the Effectiveness of Tax Increment Financing

Last updated: Jan 20, 2018

Details about this bill
Category: General Business
Status: Defeated
Sponsor: Representative Karl Ward, House 131
Session: 128
Bill #: LD 1565

Position:

Opposed to the original draft.

UPDATE 1/18/18: The committeed voted unanimously Ought Not to Pass. The bill is dead.

UPDATE: DECD has presented an amended draft. However, the committee has voted to carry over the bill to 2018.

Summary:

This bill amends the criteria for adopting a development program as part of a development district by requiring that 80% of the area within the district is designated for development by an entity engaged in a qualified business activity that is directly related to financial services, manufacturing or targeted technologies. This provision applies to development programs approved by the Commissioner of Economic and Community Development on or after April 1, 2018.