House Panel Limits Development Tax Incentives

1 decade 4 years 4 months ago Thursday, February 09 2006 Feb 9, 2006 Thursday, February 09, 2006 6:13:39 PM CST February 09, 2006 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
A Senate development committee approved a separate bill that also included restrictions but changed the term "blighted area" to "distressed area" without altering the definition. House Local Government Committee Chairman Bob Johnson says a new blight definition is the most important part. A "blight" finding is one of the triggers allowing cities to use tax increment financing. The financing is an economic development tool that allows municipalities to pay for a project by using a portion of the future taxes it will generate. Johnson's bill would offer a definition for the existing characteristics of blight.

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