(VIDEO) Ideas for reforming TIF

1. No open ended TIFs: The revenue diversion ends when project finance obligations end.

2. Put teeth in Anti-piracy provisions to ban the use of TIFs to entice employers and jobs from one Iowa location to another.

3. Require job creation and/or job retention impact statement of all new TIFs.

4. Increase state oversight of TIFs. Require the Iowa Economic Development Authority to review the economic impact of the proposed TIFs. For example, required that the project be shown to expand the property tax base of the state and show a financial need before granting approval.

5. Limit a city’s TIF debt to no more than a specific percentage of that city’s taxable value.

6. Require “But For” analysis on all TIF proposal.

7. Restrict a city’s TIF income to no more than a specific percentage of that city’s regular property tax income.

Senator Bolkcom’s full report on the reform ideas can be found in his district newsletter, available here, http://www.senate.iowa.gov/bolkcom/newsletter/default.htm

An earlier TIF forum was held in Coralville, hosted by Senator Bolkcom and House Ways and Means Committee Chair, Tom Sands.

1/24/12: Iowa City no longer part of TIF meeting (Iowa City Press Citizen)
1/24/12: Top priority: Limit time for TIF districts (Iowa City Press Citizen)
1/17/12: Iowa lawmakers study tax increment financing rules (QCT)
1/18/12: Tax increment financing getting legislative scrutiny (CRG)