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Senate committee backs consolidating state economic‑development tools, caps incentives
Summary
A Senate panel favorably recommended HB 507 to sunset several state tax‑increment tools, replace them with a single capped tool (60% increment cap, 25‑year limit), create a fund seeded by inland‑port revenues, and tighten public infrastructure district rules; local governments and associations testified in support.
Representative Roberts told the committee HB 507 would streamline state economic‑development incentives by sunsetting several state tax‑increment tools in 2028 and replacing them with a single, more constrained tool. He said the replacement would limit real‑property increment capture to 60% and cap the incentive term at 25 years while allowing local governments to remain active participants in projects.
"Instead of having four different separate economic…
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