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.
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