Joint Fiscal Office and Legislative Counsel outline CHIP cap, tighter definitions and 2030 sunset

Patrick Tooterton of the Joint Fiscal Office presented a county‑by‑county methodology the Ways & Means committee could use to cap the Education Fund exposure if CHIP is adopted.

"We're taking a year's worth of background growth and basically using that as the basis for the cap on the education property tax increment that can be retained over the course of the program," Tooterton said, explaining the model uses the 2024 equalized grand list, a 14 percent statewide growth assumption and the FY25 nonhomestead education tax rate to produce a per‑county upper bound on retained increment.

Nut graf: JFO told lawmakers the cap figures are an upper bound — the program could cost the Education Fund less — but the numbers set a ceiling on cumulative retained…