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Key Votes

HF 2460 - Limits Tax Increment Financing - Key Vote

Iowa Key Votes

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Legislation - Signed (Executive) -

Title: Limits Tax Increment Financing

Legislation - Concurrence Vote Passed (House) (97-0) -
Legislation - Bill Passed With Amendment (Senate) (26-22) - (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) -
Legislation - Introduced (House) -

Title: Limits Tax Increment Financing

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