Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tax Policy topic
No spam. Unsubscribe anytime.
Senator proposes allowing income and sales-tax increments in TIF districts
Summary
Sen. Rosapoff told the committee SB 455 would let counties and Baltimore City use income and sales tax increment financing (TIF) for major transformational projects, expanding current Maryland practice that limits TIFs to property taxes and shifting state oversight to the Department of Housing and Community Development.
Senator Rosapoff presented Senate Bill 455 to allow tax increment financing districts to capture income and sales tax increments — in addition to property taxes — for major transformational economic-development projects in counties and Baltimore City. "In other states, they've done what this bill does, which is say we can use TIFs with income and sales tax revenue generated in major transformational economic development projects," the senator said.
Rosapoff explained that Maryland historically limited TIFs to property taxes and that the Senate version transfers a state role from MEDCO to the Department of Housing and Community Development. Committee members asked brief clarifying questions, including whether income tax authority remains in the bill; the senator confirmed income tax increment is still included in the current draft.
With no further questions, the committee closed the SB 455 hearing.
