HB 1115: Infrastructure financing

Summary

• $ Authorizes a system of sales and use tax increment financing where apportionment districts designated by certain cities and towns within which a portion of the receipts from existing sales and use taxes is diverted from the state, county, and city or town imposing these taxes and given to the cities and towns to finance community revitalization programs in the apportionment districts.
• $ Authorizes certain cities and towns to impose additional sales and use taxes that are deducted from the state = s sales and use taxes and the city or town must use these tax receipts to finance community revitalization.
• $ Authorizes a system of property tax increment financing where tax increment areas are designated by certain cities and towns within which a portion of the regular property tax receipts is diverted from the local governments imposing the taxes and given to the cities and towns to finance community revitalization programs in the tax increment area.
• $ Revises the relative status of liens arising from assessments, imposed by a county, city, or town, to pay the costs of removing or repairing unfit dwellings, to a first priority that are paid prior to payment of liens for unpaid taxes.
• $ Authorizes counties, cities, and towns to provide for community revitalization associated with urban renewal and the removal and improvement of blighted buildings by: (1) Negotiating with the owners of substandard buildings for the government to acquire these buildings; (2) expending moneys to improve these properties; or (3) allowing the property owner to make installment payments to the local government for the costs of the improvements.

From the House Bill Analysis (HB 1115), written by the Legislature's nonpartisan staff. Read the full report ↗