MONTPELIER — Vermont State Auditor Doug Hoffer is praising lawmakers for passing legislation to clean up glitches in the state’s so-called tax increment financing program.
Tax increment financing is a public financing method that provides communities with a means to fund redevelopment and infrastructure improvements. A community is allowed to borrow money against the future growth in property tax revenue within a designated TIF district that is made possible by the improvements.
Last year, then-Auditor Tom Salmon issued a report saying that some cities and towns had not handled their TIF districts properly and therefore owed money to the state education fund — a finding disputed by the municipalities.
Hoffer said the bill passed by lawmakers should clear up ambiguities in the law that likely contributed to the problems.MORE IN Vermont NewsThe Senate on Tuesday advanced a GMO labeling bill that sets Vermont on a course to be the first... Full Story
- Most Popular
- Most Emailed
- TODAY'S WEATHER MINUTE: Flood watch in effect for Rutland County, developing El Nino shaping up to be extreme this year, Don DeLillo on the season's warming trend and Veena catches digital sniffles, all in today's minute.
- TOMORROW'S HEADLINES TODAY: Dramatic river rescue in Southern Vermont, Castleton moving ahead on sale of old town office building, Passover celebrated in Woodstock.
- TOMORROW'S HEADLINES TODAY: Woodstock Ave. lane reconfiguration trial will go forward despite resistance, Rutland city engineer decamps for greener pastures in flatlands, technology changes the way many people file tax returns.
- TODAY'S WEATHER MINUTE: Gulf wildlife still dying from 2010 BP oil spill, Veena in Cabo San Lucas, Gertrude Stein on family living, all in today's minute.
- TOMORROW'S HEADLINES TODAY: Police officer identified in deadly Brattleboro shooting, school consolidation boosters silent on savings, lawmakers nix legal marijuana for PTSD and scrap yard helps solve half-ton heist.
- TODAY'S WEATHER MINUTE: Coyotes are true American survivors, Veena on Narragansett Pier, Vladimir Nabokov in Paris.