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Appropriations committee advances H.397 to correct TIF overpayments and authorize education-fund transfers
Summary
The committee approved H.397 as pared down by the senate proposal of amendment; the bill transfers $621,479 from the general fund to the Education Fund to reimburse two municipalities for tax-increment financing (TIF) overpayments and includes a two‑year extension for Barrie’s TIF indebtedness-incurrence period.
The House Appropriations Committee advanced H.397 on May 29 after the senate’s proposal of amendment narrowed the bill and added two sections that transfer money to correct education-fund accountings for two municipalities’ TIF districts.
The senate amendment directs a transfer of $621,479 from the general fund to the Education Fund so the Department of Taxes can reimburse two local jurisdictions for audit-identified overpayments to the Education Fund. The Joint Fiscal Office told the committee $437,028 of the transfer would be paid to the city of Barrie and $184,451 to the town of Milton.
“TIFs are not easy to do,” one…
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