This bill lowers the threshold for when cities must recalculate their tax increment finance base when a development project costs more than originally planned. Instead of allowing cities to skip recalculation when extra costs are 35% or less above the original plan, the bill reduces that exemption threshold to 15%, meaning recalculation will be required more often when project costs increase.
Taxation Tabled Passed, YEAS 12, NAYS 0.
Taxation Scheduled for hearing
First read in House and referred to House Taxation H.J. 192
Prime sponsor · Rep.
R
Cosponsors
Taxation — Tabled