COLUMBUS—The Ohio House of Representatives today passed House Bill 198, legislation that changes how local infrastructure projects are funded by providing property owners with the option of not having their property included as part of a Tax Increment Financing (TIF) incentive district.


Tax Increment Financing allows local governments to sell bonds, borrowing against increased property tax revenues in the future in order to fund an infrastructure project that will attract a business or enable the building of new facilities.


“House Bill 198 will protect the rights of property owners and secure their ability to use other types of financing for future infrastructure improvement projects,” said Rep. Jim Butler (R-Oakwood), who joint-sponsored the bill with Rep. Tony Burkley (R-Payne).


Under certain circumstances, the bill will allow a property owner to exclude a piece of land from being included in a TIF incentive district. In order to exempt the land, the owner must submit a written response to the authority proposing the creation of the district, such as a board of county commissioners or board of township trustees.


“My experience in local government and as a small business owner allowed me to have unique insight into this legislation, and I was proud to joint sponsor the bill.” Rep. Burkley said.  “We were able to work closely with all interested parties on this issue, producing legislation that makes sense. I’m glad to see that property owners will have a voice regarding TIF financing,” Rep. Burkley said.


House Bill 198 will now move to the Senate for further consideration.

 
 
 
  
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