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1994 SESSION

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HB 1126 Tax increment financing.

Introduced by: Harry R. Purkey | all patrons    ...    notes | add to my profiles

SUMMARY:

Tax increment financing. Authorizes localities which have adopted tax increment financing to use revenue placed in the Tax Increment Financing Fund for "development project cost commitments" which is defined as the locality's determination to pay a specific sum out of the tax increment. By reference to a population bracket which includes only the City of Virginia Beach at this time, the city's charter limitations with respect to the issuance of debt are superseded if tax increment financing is utilized.


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