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The implementation of tax increment financing The Implementation of Tax Increment Financing as an Economic Development policy By: Randy L. Jacobs, J.D. ABSTRACT:
Macerich Co. acquired Crossroads in April of 1979, shortly before a lawsuit concerning the tax increment financing from the state. This, along with many other lawsuits
creating new needs for taxation field offices due to increasing use of and changes to tax increment financing, tax jurisdictions, and other tax related items. Customers
A 31 percent increment in sales volume to 2.63 million metric tonnes is expected to support the bottom line growth. Daily Times The United Bank Limited (UBL) is expected
interests from RM2,068.8 million in 2006 to RM2,547.7 million in 2007. Main income contributors, which is the domestic cellular segments- Celcom recorded an outstanding
Submitted by pharoh 1906 on November 19, 2005
Category: Social Issues
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The Implementation of Tax Increment Financing as an Economic Development policy
By: Randy L. Jacobs, J.D.
ABSTRACT: With Tax Increment Financing (TIF) a municipality pays for economic development expenditures out of future increases in tax collection. The TIF method has achieved widespread popularity as a funding source to finance local infrastructure investment and improvements; however the TIF program has several shortfalls and many critisms. This paper will focus on the criticism that TIF programs are too costly to implement. Critics say this is due to the complexities involved in the implementation process (Todun & Yakolev, 2002). This paper will also test the proposition that by implementing the TIF program in accordance with a different theory for the implementation of public policy than that currently employed by states which utilize TIF. The complexity of the implementation process will be greatly reduced along with the cost of the implementation process.
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INTRODUCTION
Background
To revitalize deteriorated sections of many urban areas at a time of declining federal grants-in-aid for urban redevelopment, many states have adopted a variety of innovative mechanisms to help stimulate economic activities within specific geographic boundaries (Mann, 1999). One such mechanism gaining increasing popularity is Tax Increment Financing. TIF is an economic development policy tool that allows a municipality to designate an area for improvement and then earmark any future growth in property tax revenues to pay for economic development expenditures (Dye & Sunberg, 1998). If all of the future growth in property tax revenues taxes within the district is clearly and fully caused by the TIF-funded improvements, then TIF is simply an accounting device wherein projects pay for themselves over time (Dye & Sunberg, 1998).
TIF originated in California in 1945 with the enactment of the...
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