Arizona HB2988 establishes municipal tax increment financing for infrastructure improvements.

Arizona HB2988 creates a framework for municipalities to establish municipal improvement areas for infrastructure projects. These areas allow municipalities to capture increased property tax revenues, known as tax increment, to fund public improvements. The bill outlines the process for designating these areas, including public hearings, board reviews, and voter approval. It specifies that tax increment can only be used for authorized project costs such as public infrastructure, public safety improvements, and mitigation of adverse impacts.

Arizona HB2988 establishes municipal tax increment financing for infrastructure improvements.

Arizona HB2988 creates a framework for municipalities to establish municipal improvement areas for infrastructure projects. These areas allow municipalities to capture increased property tax revenues, known as tax increment, to fund public improvements. The bill outlines the process for designating these areas, including public hearings, board reviews, and voter approval. It specifies that tax increment can only be used for authorized project costs such as public infrastructure, public safety improvements, and mitigation of adverse impacts.