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Sponsor: Bill would keep voter-approved school levies and bond debt out of TIF calculations
Summary
Rep. Mark Thane said HB 451 would exclude new voted levies, including school mill levies and general obligation bond debt service, from tax increment financing calculations so that revenue raised by voters goes to the ballot-stated purpose rather than the TIF increment. Proponents from education and municipal groups urged passage.
Rep. Mark Thane (House District 89) told the House Taxation Committee HB 451 would exclude certain new voted levies from the calculation of tax increment financing (TIF) so voter-approved mill levies and debt-service revenue go to the purposes stated on the ballot, not to TIF increment funds.
The bill’s sponsor walked the committee through TIF basics and said the measure is intended as a narrow cleanup: when a school district or other taxing jurisdiction runs a bond or levy election, the mills voters approve to service that debt should fund the bond debt…
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