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Pennsylvania State Senate
08/16/2024 05:21 AM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?SPick=20130&chamber=S&cosponId=11747
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Senate Co-Sponsorship Memoranda

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Senate of Pennsylvania
Session of 2013 - 2014 Regular Session

MEMORANDUM

Posted: February 15, 2013 11:10 AM
From: Senator Patrick M. Browne
To: All Senate members
Subject: Tax Increment Financing - Earnings
 
In the near future, I will be re-introducing legislation that was Senate Bill 398 of the 2011-12 legislative session. Cosponsors of Senate Bill 398 included Senators PILEGGI, FONTANA, COSTA, SOLOBAY, BOSCOLA, WOZNIAK, YUDICHAK and FARNESE

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 SB774