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Committee debates residential TIF changes; sponsor would require 5% pass‑through for public safety and automatic sunset when bond obligations end
Summary
Senate Bill 104 would compel jurisdictions to set aside at least 5% of residential TIF annual increment for public safety and would sunset a TIF once bond obligations are retired, sponsor said.
Senator Niemeyer presented Senate Bill 104 to the House Ways and Means Committee, seeking to require that 5% of annual increment from residential tax-increment financing (residential TIF) be set aside for public safety (to be split among fire, EMS and law enforcement). The bill would also change a TIF’s termination mechanics so that, the sponsor said, when bond obligations are paid off the TIF would also end and return increment to the tax rolls sooner than under some current practices.
“Whatever is created off the base of that TIF on a yearly basis, 5% would go to public safety in that jurisdiction,” Senator Niemeyer said, describing the provision as a “shall” requirement that jurisdictions must follow. The sponsor said the proposal is aimed at ensuring that new development funded by…
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