Tax Increment Financing (TIF) takes another step toward reality as it passes through the committee hearing process.

SB 5211 passed through the Senate Business, Financial Services & Trade Committee in late January with mainly technical amendments. One of the more substantial changes was the requirement to confer with an impacted school district to negotiate appropriate mitigation. AWC anticipates additional technical amendments as the bill works its way through the process. Additionally, we have been working with county assessors and fire districts to resolve their concerns with the proposal.

AWC hopes to address some of the outstanding issues as the bill is considered in the Ways & Means Committee next. Additionally, the companion bill, HB 1189, awaits a vote in the House Finance Committee. The bills will need to move out of their fiscal committees by the fiscal cut-off deadline of February 22.

We ask that you continue to communicate to your legislators about the need for this economic development tool. Washington is one of two states in the U.S. that lack a TIF tool.

Date to remember

SB 5211 is scheduled for a public hearing in the Senate Ways & Means Committee on Thursday, February 11 at 4 pm.