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Bill > HB1920
PA HB1920
PA HB1920Further providing for definitions, for creation of tax increment districts and approval of project plans and for financing of project costs.
summary
Introduced
09/28/2021
09/28/2021
In Committee
09/28/2021
09/28/2021
Crossed Over
Passed
Dead
11/30/2022
11/30/2022
Introduced Session
2021-2022 Regular Session
Bill Summary
Amending the act of July 11, 1990 (P.L.465, No.113), entitled "An act providing for the creation of tax increment districts; providing for additional powers and duties to be exercised by redevelopment authorities and by industrial and commercial development authorities; authorizing the creation and approval of project plans for tax increment financing; providing for the establishment of a tax increment base; allocating the payment of positive tax increments; providing for the financing of project costs; and providing for the issuance of tax increment bonds and notes," further providing for definitions, for creation of tax increment districts and approval of project plans and for financing of project costs.
AI Summary
This bill amends the Tax Increment Financing Act to further define "project" and "project costs" to include antidisplacement activities within or outside the tax increment district. It also extends the maximum duration of a tax increment district from 20 to 25 years and the maximum term of tax increment bonds or notes from 20 to 25 years. The bill aims to provide more flexibility and resources for addressing blight, development, and displacement within and around tax increment districts.
Committee Categories
Budget and Finance
Sponsors (6)
Edward Gainey (D)*,
Joe Ciresi (D),
Austin Davis (D),
Bob Freeman (D),
Sara Innamorato (D),
Ben Sanchez (D),
Last Action
Referred to FINANCE (on 09/28/2021)
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