Amendments To Library TIF Legislation

At the end of 2016, a series of bills were enacted into law that allowed library tax increments to be excluded from tax increment capture with respect to a number of authorities. However, the language of the bills was flawed. For example, the bills attempted to allow libraries to exempt their tax increments from capture when a development plan and tax increment financing plan is amended to extend the term of the plan, but the opt out right for this action was tied to a 60 day period from the date of the public hearing that created the authority. Almost always a practical impossibility. Instead, the opt-out right should have been tied to the 60 day period from the date of the public hearing on the plan adoption or amendment.