A new report from the Cato Institute says that tax-increment financing (TIFs) costs taxpayers $10 billion a year and the practice is growing by the minute.
TIFs are an economic development tool that basically subsidizes development based on future gain from increased land values, and often used to improve blighted neighborhoods. The Cato report argues that TIFs do not increase economic development.
Randal O'Toole wrote the report, and summarizes the results:
"At best, it [TIFs] moves development that would have taken place somewhere else in a community to the TIF district. That means it generates no net tax revenues, so the TIF district effectively takes taxes from schools and other tax entities."
FULL STORY: Halting TIF's Rapid Growth
New Report Examines Growing Practice of Tax-Increment Financing for Development
A new report from PIRG identifies problems in the practice of TIFs (tax-increment financing) and suggests ideas for reform.
Omaha Streetcar Predicted To Cover Project Costs
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O'Toole, Cato Institute Part Ways
Randal O'Toole, who resisted contemporary progressive planning trends by supporting the unfettered expansion of automobile infrastructure and single-family residential development, is no longer employed by the conservative-leaning Cato Institute.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
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Amtrak Cutting Jobs, Funding to High-Speed Rail
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Ohio Forces Data Centers to Prepay for Power
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MARTA CEO Steps Down Amid Citizenship Concerns
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Silicon Valley ‘Bike Superhighway’ Awarded $14M State Grant
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Planning for Universal Design
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Caltrans
City of Fort Worth
Mpact (founded as Rail~Volution)
City of Camden Redevelopment Agency
City of Astoria
City of Portland
City of Laramie