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Committee amends HB 626 to clarify TIF reimbursement for manufacturing zone land
Summary
A legislative committee adopted an amendment to HB 626 clarifying that tax increment financing revenue may reimburse land costs within a 21st-century manufacturing zone and that such a zone must be at least 50% of the tax increment district; the committee gave the bill a favorable report.
A legislative committee voted to adopt an amendment to HB 626 that clarifies how tax increment financing (TIF) may be used in a 21st-century manufacturing zone.
The bill presenter told the committee HB 626 was intended to resolve unclear language in an earlier 2012 act establishing a 21st-century manufacturing zone. The presenter said current law…
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