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
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