Bills / H.B. 427
H.B. 427 Tax Increment Financing Modifications
- Introduced
- House committee (stopped here)
- House vote
- Senate committee
- Senate vote
- Signed into law
What this bill does
According to the official description, this bill:
- defines terms
- beginning July 1, 2026, requires a public entity seeking to utilize tax increment to first:
- conduct an application authorization meeting
- submit an application to the Governor's Office of Economic Opportunity (office)
- authorizes the office to review an application and:
- approve the application; or
- if the information in the application is unclear, vague, or demonstrably inaccurate, deny the application
- authorizes a public entity that receives an approved application to begin the process to trigger and utilize tax increment
- requires a public entity that receives more revenue from tax increment than anticipated to utilize the revenue to defease bonds or otherwise accelerate repayment of debt incurred by the public entity
- requires the office to ensure certain information from an application is made publicly available
Your legislators on this bill
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