Bill > LD1621

This bill amends Maine's municipal tax increment financing (TIF) law to expand the ways municipalities can use TIF revenues by adding a new provision that allows funds to be used for lake restoration and protection activities. Specifically, the bill permits municipalities to spend TIF revenues on projects aimed at preserving and improving local lakes, including treatments to reduce algae (alum treatments), monitoring and controlling invasive aquatic plants and nuisance species, implementing erosion control programs, and providing matching funds for grants related to these types of lake conservation efforts. This change is made by adding a new subsection to the existing law that describes allowable uses of TIF revenues, which previously focused on affordable housing, administrative office improvements, and economic development. The bill maintains existing restrictions on TIF spending, such as the 50% cap on certain capital costs and the 15% limit on captured assessed value usage, while creating a new avenue for municipalities to support local environmental conservation through their economic development financing mechanisms.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1621&snum=132