Yesterday, the Senate passed SB 1026, the TIF legislation, on a 37-0 vote. The bill now heads to the House. The legislation consolidates all tax increment financing authority acts, excluding the brownfield redevelopment act, into one TIF act. It also focuses on reporting requirements and accountability for adhering to those requirements as well as transparency measures.
The League has been heavily involved in working with the sponsor and will continue to be as this legislation heads to the House.
Jennifer Rigterink is a legislative associate for the League handling economic development, land use and municipal services issues. She can be reached at [email protected] or 517-908-0305.