A House committee killed HB 1163 on Tuesday.
The bill, sponsored by Rep. Jerry Sonnenberg, R-Sterling, would have authorized special districts and metropolitan districts that provide emergency services to keep property and sales tax revenue that would have been diverted to urban renewal authorities from tax increment financing (TIF). Such emergency services include ambulance and fire protection.
The bill would have affected TIF revenue that would have been used to service debt on urban renewal projects.
TIF is a popular financing mechanism used by urban renewal authorities and downtown development authorities to fund improvements to blighted areas. Such financing uses future gains in taxes to finance current improvements.
HB 1163 was introduced in the House on Jan. 16, and assigned to the Finance Committee. On Feb. 5, the committee postponed the bill indefinitely.
bizjournals.com
skip to main |
skip to sidebar
No comments:
Post a Comment