|Posted:||January 11, 2019 02:57 PM|
|From:||Senator Patrick M. Browne|
|To:||All Senate members|
|Subject:||Tax Increment Financing - Earnings|
|In the near future, I intend to reintroduce legislation that was introduced as Senate Bill 337 of the 2017-18 legislative session. Cosponsors of Senate Bill 337 of last session included Senators SCHWANK, YUDICHAK, COSTA and BREWSTER.
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 SB171