Tax increment financing; use of other local taxes.

Tax increment financing; use of other local taxes. Authorizes the governing body of a county, city, or town to apply tax revenues from sources other than real estate taxes for use in tax increment financing of development projects. Under current law, only real estate taxes are specifically authorized to be used for such projects. The governing body may choose any or all of such taxes to be applied in such manner. The amount of revenues to be so used shall be the amount of the increase of such taxes collected in the development project area in a given year compared with the base amount of revenues prior to the establishment of such area. The local taxes that may be so applied include local sales and use taxes, merchants' capital taxes, license taxes, admissions taxes, transient occupancy taxes, meals taxes, and other local taxes and fees for utilities and transportation purposes.