Key Votes
HF 2460 - Limits Tax Increment Financing - Key Vote
Iowa Key Votes
Stages
- May 25, 2012 Executive Signed
- May 7, 2012 House Concurrence Vote Passed
- April 24, 2012 Senate Bill Passed
- April 11, 2012 House Bill Passed
- April 2, 2012 Introduced
Family
Issues
Stage Details
Legislation - Signed (Executive) - May 25, 2012
Title: Limits Tax Increment Financing
Signed by Governor Terry Branstad
Legislation - Concurrence Vote Passed (House) (97-0) - May 7, 2012
Legislation - Bill Passed (Senate) (26-22) - April 24, 2012 (Key vote)
Title: Limits Tax Increment Financing
Vote Smart's Synopsis:
Vote to pass a bill that regulates tax increment financing (TIF) in local municipalities.
Highlights:
- Requires each board of trustees that has provided for a division of revenue in the rural improvement zone during the most recently ended fiscal year to file a report with the Department of Management on tax increment financing by December 1 following the end of that fiscal year (Sec. 9).
- Requires each local government that had an urban renewal plan and area in effect at any time during the most recently ended fiscal year to file a report with the Department of Management by December 1 following the end of that fiscal year (Sec. 12).
- Requires the reports on an urban renewal plan or area in effect to include certain details including, but not limited to, the following (Sec. 12):
- The type of area:
- A slum area;
- A blighted area;
- An economic development area; or
- A combination of those areas;
- The map clearly identifying the boundaries of the area;
- The types of expenditures and amounts that remain unpaid:
- Specific loans;
- Advances;
- Indebtedness; or
- Bonds;
- The copy of the ordinance providing for a division of revenue in the urban renewal zone; and
- The total amount of property taxes that were exempted, rebated, refunded, or reimbursed by the city.
- Requires all reports on tax increment financing, urban renewal plans, and urban renewal areas in effect to be made publically available online through a searchable database by the Department of Management in collaboration with the Legislative Services Agency by December 1, 2012 (Sec. 9).
- Prohibits tax increment financing from being used for an urban renewal project that involves the relocation of a commercial or industrial enterprise that is not already in the municipality, unless the following applies (Sec. 19):
- The local government where the enterprise is currently located and the local government where the enterprise is proposing to relocate has approved the relocation in writing; or
- The local government where the enterprise plans to relocate can show that the relocation is in the public interest.
Legislation - Bill Passed (House) (54-43) - April 11, 2012
Legislation - Introduced (House) - April 2, 2012
Title: Limits Tax Increment Financing
