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Summary of Legislation: This legislation would add port projects to a list of those eligible for Transportation Reinvestment Zone designation and Tax Increment Financing (TIF). In addition this legislation expands the definition of transportation projects to include port security and transportaion and eligible facility projects.
Analysis: We have expressed our concerns about TIF financing on several occasions related to highway infrastructure. This legislation would open the door to expanded use of TIF. The excessive use of TIF has a negative impact on services in a community because it redirects tax revenue to transportation projects that would otherwise have gone to other taxing authorities. Infrastructure is an important state concern and should receive appropriate attention and funding from the Legislature. However, in our view Tax Increment Funding is the wrong way to proceed.