In this era of limited public spending following the national economic downturn, it is becoming increasingly difficult to address the infrastructure needs of existing communities and attract quality development projects that further local goals. Among the funding alternatives available to local governments is Tax Increment Financing (TIF), a method that allows a local government to use the increase in property tax receipts from new development to pay for public improvements that promote economic development in the area. In 2013, the Maryland General Assembly passed its most recent law to enhance the ability of local governments to use TIF, this time targeting revitalization in strategic areas.
This online training is a companion education effort to TIF: User Guide for Maryland Sustainable Community Revitalization, a Models and Guidelines document produced by the Maryland Department of Planning (MDP) to help the general public, elected officials, and community development advocates understand through case studies and best practices how TIF can spur redevelopment as well as the ins and outs of how it works. These TIF educational tools have been prepared with the assistance of the Maryland Economic Development Corporation (MEDCO). It is important to note that this online training and the Models and Guidelines document are intended to provide general information; professional advice should be sought when considering TIF for a specific project or community.
During the 2013 session of the Maryland General Assembly, the Sustainable Communities – Designation and Financing Law was passed to enhance local TIF authority to promote revitalization in designated Sustainable Communities, which is discussed in greater detail in the online training and the user guide. Pursuant to Sustainable Communities – Designation and Financing Law, this TIF education course provides information on the benefits and risks of TIF and contains information on the services that MEDCO can offer local jurisdictions regarding TIF in designated Sustainable Communities. Before a local jurisdiction may use the TIF authority for Sustainable Communities established under this law, the chief administrative officer or the chief financial officer of the local jurisdiction must complete the online tax increment financing education course. Upon completion of the online TIF education course, MDP will provide you a certification for your records.
Tax Increment Funding Training
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