Late last year, AWC helped establish the TIF for Jobs Coalition which advocates for new, stable funding sources for communities using Tax Increment Financing (TIF). This week, a bill supported by the Coalition will be heard on the hill.

SB 5211, sponsored by Sen. David Frockt (D–Seattle) and Sen. Mark Mullet (D–Issaquah), provides a new method for cities, counties, and ports to finance infrastructure improvement projects within their communities. Previous attempts to enact TIF programs in Washington were struck down due to constitutional constraints. However, this new approach to TIF allows development to pay for much-needed public infrastructure without impacting the state’s budget.

TIF is an economic development tool that captures a property’s appreciated value by using its increased property taxes to finance infrastructure improvements that benefit a designated area. Local jurisdictions that have utilized TIF report improved public infrastructure, increased economic activity, and local job growth.

Unfortunately, Washington State is only one of two states that do not allow the use of TIF.

The TIF for Jobs Coalition is made up of other associations and advocacy groups such as the Washington Ports Association, the Washington Economic Development Association, and the Washington Chapter of the Commercial Real Estate Development Association. The Coalition is advocating for the adoption of a statewide TIF program to promote economic development and improve infrastructure in communities around the state. We also greatly appreciate the work of Rep. Davina Duerr (D–Bothell) and Rep. Matt Boehnke (R–Kennewick) to introduce the House version of the bill,HB 1189.

Read our TIF legislative fact sheet for more details.

Dates to remember

SB 5211 is scheduled for public hearing in the Senate Business, Financial Services & Trade Committee at 8 am on Thursday, January 21.