TO: | Honorable Frank Madla, Chair, Senate Committee on Intergovernmental Relations |
FROM: | John S. O'Brien, Deputy Director, Legislative Budget Board |
IN RE: | SB1198 by Ellis (Relating to the determination of the portion of the tax increment produced by a municipality that the municipality is required to pay into the tax increment fund for a reinvestment zone.), As Introduced |
The bill would provide that a municipality that creates a reinvestment zone and a tax increment financing (TIF) fund, but does not formally determine an amount to pay into the fund, must pay into the TIF fund the entire tax increment produced by the municipality.
In addition, the bill would require that the portion of the tax increment produced by the municipality that the municipality was reqired to pay into the TIF fund, together with all other revenues required to be paid into the fund, would have to be sufficient to pay the basic obligations of the zone.
Source Agencies: | 304 Comptroller of Public Accounts
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LBB Staff: | JOB, DLBa, WP, DLBe
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