Bill > H0419

This bill extends the City of Barre's tax increment financing (TIF) district authority by two years, specifically allowing the city to incur indebtedness until March 31, 2028, instead of the previously established date of March 31, 2026. A tax increment financing district is a special economic development tool that allows a municipality to borrow money for infrastructure improvements and economic development projects, using the anticipated increase in property tax revenue (the "tax increment") as collateral. In addition to extending the city's ability to incur debt, the bill also extends the city's authority to retain municipal and education tax increments until June 30, 2039, which means they can continue to capture and reinvest the additional property tax revenue generated by improvements within the district during that period. The bill will take effect immediately upon passage, providing the City of Barre with additional time and flexibility to pursue its economic development goals through its tax increment financing district.

Budget and Finance

https://legislature.vermont.gov/bill/status/2026/H.419