TIF for Jobs
With the historic and unprecedented economic recession provoked by the COVID-19 pandemic devastating communities, businesses and families, we need tools and resources to recover. Authorizing Tax Increment Financing (TIF) is one critical action Washington State lawmakers can take in the 2021 legislative session to help communities across the state recover, grow construction jobs and catalyze the growth of additional jobs, spark re-investment and foster vibrant communities.
What is Tax Increment Financing?
The TIF for Jobs bills (SB 5211/HB 1189) are still moving, and we are working hard to finally get a TIF bill to the Governor’s desk. Are you still learning about TIF and how this legislation could work in your community? Check out this great video produced by the City of Kent.
Learn More About TIF
TIF captures a property’s appreciated value by using its increased property taxes to finance infrastructure improvements that benefit a designated area. Local jurisdictions that use TIF benefit from improved public infrastructure, increased economic development, and local job growth.
Washington state is missing out on TIF, which disadvantages us from a competitiveness standpoint. In fact, 48 other states and Washington, D.C. have successfully implemented some form of TIF. Previous attempts to authorize using state property tax revenue in Washington to finance developments through TIF were struck down due to constitutional constraints. However, a carefully structured TIF program can withstand constitutional challenges and will provide a critically needed economic development tool for local governments and communities.
A Coalition Supporting TIF is Building
Advocates from the Association of Washington Cities, Washington Public Ports Association, Washington Economic Development Association and NAIOP, among other organizations, have been working on a strategy and legislative approach that addresses prior concerns and helps address the current dire need for economic development tools which would help spark economic recovery. Our approach to TIF does not raise property taxes on residents but allows new development to pay for much-needed public infrastructure.
Join the TIF for Jobs Coalition
Momentum is building for the passage of TIF legislation, and we need your help. Please help us secure this crucial economic development funding engine by joining the TIF for Jobs Coalition. The TIF for Jobs Coalition is emerging as a broad and diverse statewide coalition of advocates for passage of a TIF bill in the 2021 legislative session.
If your organization officially supports this pursuit, please email Suzanne Dale Estey, Executive Director of the Washington Economic Development Association at firstname.lastname@example.org and add your organization to the growing list of TIF for Jobs supporters.
TIF 101 webinar with WEDA and WPPA
On November 17 WEDA and WPPA hosted an introductory webinar on TIF where we covered:
The basic structures of TIF programs
The ways in which TIF programs could help finance and expedite development
How you can get involved in supporting the TIF coalition in the 2021 Legislative Session
If you missed the live session, you can watch a recording of the webinar here!
Monday, December 14, at 9:00 am - Via Zoom
Communications Plan & Advocacy Tools: The TIF for Jobs coalition will use an online advocacy platform to foster a strong and unified voice supporting the TIF bill prior to and through the 2021 legislative session. We will also have monthly advocacy coordination virtual meetings for the TIF for Jobs coalition you are welcomed to join. Just let Suzanne at WEDA know if you would like to be added to those.
Thank you for all that you are doing to help our state respond and recover to the COVID-19 crisis.