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05/30/2024 09:49 AM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20170&cosponId=22156
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Senate Co-Sponsorship Memoranda

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Senate of Pennsylvania
Session of 2017 - 2018 Regular Session

MEMORANDUM

Posted: January 13, 2017 03:03 PM
From: Senator Patrick M. Browne
To: All Senate members
Subject: Tax Incremement Financing - Earnings
 
In the near future, I intend to reintroduce legislation that was introduced as Senate Bill 934 of the 2015-16 legislative session. Cosponsors of Senate Bill 934 of last session included Senators WHITE, TEPLITZ, FONTANA, YUDICHAK, COSTA and HUGHES.

As you know, the “Tax Increment Financing Act” (TIF Act), enacted in Pennsylvania in 1990, provides for the creation of tax increment financing districts (TIFs) in all municipalities across Pennsylvania with the purpose of providing an additional means for municipalities to finance public facilities and residential, commercial and industrial development and revitalization.

This legislation would amend the TIF Act to allow municipalities to add wage tax revenue in a TIF to the tax revenue that can be dedicated to amortize bond issues used to pay for infrastructure improvements in the TIF district.



Introduced as SB337