CHAMBER SEEKS TO PROTECT, EXPAND ECONOMIC DEVELOPMENT PROGRAMS
A House bill that would have required a public vote in order for a Tax Increment Financing (TIF) district to be established for a project in a city or county failed to be passed by a House committee and is likely dead for the session. The bill, House Bill 1379, died after failing to receive a second on a do-pass motion in the House General Government Committee Feb. 28. Your Chamber was opposed to this bill and worked with other municipalities and business entities to defeat the legislation. The bill is just one of many that the Chamber is either opposing or supporting during the 2023 legislative session, particularly those that address critical economic development tools used by the Chamber and other economic development organizations. If HB 1379 had advanced through the legislative process and became law, it would have potentially crippled many economic development efforts throughout the state. Tax Increment Financing is an important economic development tool used by municipalities to capture property tax revenues within a designated geographic area, which are then used to make improvements within The Skirvin Hotel in Oklahoma City is just one recent example of how establishing a TIF district can benefit a city.
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