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Conference negotiators propose 10-year TIF review, cap removal and 35-year sunset in AS 127
Summary
During a May 29 Senate-House conference on AS 127, negotiators proposed shifting a required tax increment financing review from year five to year 10, adjusting the percentage of increment retained at that review, removing an existing cap and retaining a 35-year sunset; no formal vote was taken.
In a Senate-House conference on May 29 about AS 127, the omnibus housing bill, negotiators discussed changing the tax increment financing (TIF) provisions to move a required review from the fifth year to the tenth year, adjust the percentage of increment retained at that review and remove a retention cap while keeping a 35-year sunset.
Speaker 1, a conference participant, summarized the package as a “last best offer,” saying, “We would like the implement at 85.75. We would like the but for 200 affordable and moderate, and we would like to get rid of the cap altogether. And we will be willing to keep the sunset at 35.” Speaker 1 also asked that “Jessica be allowed to speak freely if needed.”
Speaker…
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