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Conferees align CHIP and TIF timelines to 2035, set increment-retention rates and schedule cap review
Summary
Conference conferees aligned CHIP and TIF deadlines at 2035, set increment-retention rates at 70% (standard) and 80% (portable-eligible), proposed a 60% floor-area threshold for project eligibility, and added an annual reporting requirement that shows aggregate lifetime tax-increment retention approved in a year.
Conference conferees made several finance and programmatic adjustments to the S.127 conference draft affecting the Capital Housing Infrastructure Program (CHIP) and tax-increment financing (TIF) districts.
John Gray told conferees the draft now aligns the CHIP final application deadline and the TIF district sunset at 2035. "The chip'bridal application deadline is 2035," he said, noting that conforming changes have been made to the draft and that the TIF sunset section now reflects that date.
The conference draft also changes project increment-retention percentages and eligibility thresholds. Conferees reported that where earlier positions had shown 75/90 percent retention, the working draft sets the retention for standard…
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