Tax Increment Financing
Tax Increment Financing, or “TIF”, is a financing method used to catalyze economic development. It uses anticipated future increases in
property tax revenues to generate incremental tax revenues from a specific development project or projects across a designated district to help pay for current costs associated with development. These can be public and/or private costs.
TIF is a local economic development policy and program that is enabled and guided by state law, Connecticut Public Act No. 15-57. It does not require State approval and its structure and details are determined by the local legislative process.
Want to know if TIF is right for your town? Have questions about the process or the steps needed to implement a TIF? CMSC has answers! Call Patrick McMahon at 860.280.2023 or email firstname.lastname@example.org.
Resources & Information
Tax Increment Financing (TIF) Legislation, PA 15-57 – Legislation passed in 2015 revised Connecticut’s TIF law, allowing more communities to use future funds to finance today’s development and redevelopment needs. This invaluable financing mechanism can be applied to a broad array of uses, spurring revitalization of Connecticut’s main streets.
Tax Increment Financing Guidebook – This easy-to-follow booklet from CMSC provides an overview of Tax Increment Financing and how communities can begin using TIF to rejuvenate their downtowns.
Windsor Locks Goes TIF Webinar – Patrick McMahon and attorney Michael Andreana introduce how Windsor Locks was able to implement the state’s first TIF district in this CMSC Webinar Wednesday! recording from April 2017. Additional materials from the webinar, like Windsor Locks’ Downtown TIF Master Plan, can also be found here.
BeauTIFul Beginnings – Understanding CT’s New Tax Increment Financing Legislation – CMSC presented this day-long workshop on the new TIF legislation in September 2015. Click here to find information from the workshop, including presentations on case studies from Iowa and lessons from Maine.