|Posted:||January 13, 2017 03:07 PM|
|From:||Senator Patrick M. Browne|
|To:||All Senate members|
|Subject:||Tax Increment Financing - State and local sales tax inclusion|
|In the near future, I will be reintroducing legislation that was Senate Bill 935 of the 2015-16 legislative session. Cosponsors of Senate Bill 935 of last session included Senators WHITE, MENSCH, TEPLITZ, FONTANA and YUDICHAK.
This legislation amends the Tax Increment Financing Law to add state and local sales taxes to the list of taxes included in the tax increment used to secure TIF projects.
As you may be aware, retail activity in Pennsylvania’s cities and boroughs continues to experience tremendous competitive pressures from similar activities in surrounding suburban areas. By adding state and local sales taxes to the increment used to pay off borrowing in TIF projects, our cities and boroughs will be able to provide more attractive incentives to prospective retailers in their effort to revitalize blighted and under-performing retail districts.
Introduced as SB338