HP0179
LD 208
First Regular Session - 123rd Maine Legislature
C "A", Filing Number H-592
Text: MS-Word, RTF or PDF
LR 790
Item 2
Bill Tracking Chamber Status

Amend the bill by striking out the title and substituting the following:

‘Resolve, Directing the Department of Economic and Community Development To Analyze and Evaluate the Effect of Tax Increment Financing for Retail Businesses on Economic Development’

Amend the bill by striking out everything after the title and before the summary and inserting the following:

Sec. 1. Analysis and evaluation. Resolved: That the Department of Economic and Community Development shall analyze and evaluate the effect of tax increment financing for retail businesses on economic development in Maine. In performing this analysis and evaluation, the department shall:

A. Determine the most appropriate definition of "retail business" for purposes of analysis and evaluation;

B. Identify and analyze the impact of approved tax increment financing for retail businesses on decisions to initiate or expand retail businesses in the State, on the impact on other existing businesses and on economic development in the State generally;

C. With assistance from the Department of Administrative and Financial Services, Bureau of Revenue Services, identify and analyze the property tax shifts resulting from the approval of tax increment financing for retail businesses and the sheltering of captured assessed value; and

D. Research the practices of other jurisdictions regarding the use of tax increment financing for retail businesses; and be it further

Sec. 2. Report. Resolved: That the Department of Economic and Community Development shall submit a written report detailing its evaluation and analysis to the Joint Standing Committee on Taxation by November 1, 2007. The joint standing committee may submit legislation to the Second Regular Session of the 123rd Legislature to implement its recommendations regarding the report.’

summary

This amendment replaces the bill with a resolve requiring the Department of Economic and Community Development to evaluate and analyze the effect of tax increment financing for retail businesses on economic development in Maine and submit a report to the Joint Standing Committee on Taxation by November 1, 2007. The joint standing committee is authorized to submit legislation related to the report.


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