An act relating to the City of Barre tax increment financing district

2025-2026 Regular Session Introduced by Michael Boutin and 1 co-sponsor

H.419 would designate a tax increment financing district in Barre to capture future incremental property tax revenue for approved redevelopment and infrastructure projects.

Read first time and referred to the Committee on Ways and Means

Overview

H.419, from the 2025-2026 Vermont Legislature, is an act titled “An act relating to the City of Barre tax increment financing district.” It was read for the first time and referred to the House Committee on Ways and Means on February 27, 2025. The sponsors are Rep. Michael Boutin and Rep. Gina Galfetti (with Galfetti as a co-sponsor).

Main purpose and intent

The bill focuses on establishing, modifying, or otherwise addressing a tax increment financing (TIF) district within the City of Barre.

The goal of TIF legislation generally is to stimulate redevelopment and economic development by capturing future incremental property tax revenue generated by new or increased property values within the district to fund approved improvements and development activities.

Key provisions and changes (as typically included in TIF-related bills)

Note: The available summary information does not include the full text of the bill or explicit provisions. The following reflects the typical elements such bills address. If enacted, H.419 would likely cover one or more of the following:

Designation of a TIF district within Barre, including geographic boundaries.

Authorization for capturing incremental tax revenue (the difference between current base assessed value and future assessed value due to redevelopment) to fund project costs.

Allocation of captured revenues to a TIF district fund and rules governing use for eligible redevelopment activities (e.g., infrastructure, site preparation, housing, job creation, public improvements).

Procedures for defining the baseline (current tax base) and calculating incremental value.

Governance and oversight requirements (e.g., a redevelopment authority or eligible entity, reporting, audits).

Term length of the TIF district and sunset or continuation criteria.

Interaction with statewide TIF policies, debt issuance, and debt service obligations.

Potential requirements for local fiscal impact statements or state review/approval.

Who or what would be affected

The City of Barre and its property taxpayers within the designated TIF district, whose incremental tax revenues may be used to fund approved development projects.

Property owners and developers within the district, who could benefit from infrastructure improvements and redevelopment activity.

Local government and state fiscal management agencies overseeing TIF districts, reporting, and compliance.

General residents and businesses in Barre, insofar as municipal services, taxes, and economic conditions could be influenced by the district’s development outcomes.

Procedural and timeline aspects

Status: Read first time and referred to the House Committee on Ways and Means on February 27, 2025.

Committee activity: No listed meeting history for H.419 in the Regular Session 2025-2026 within the provided data.

Next steps (typical): The committee could hold hearings, amend the bill, and report it to the full House. If advanced, the bill would move through floor debates, potential amendments, and votes before moving to the Senate (if applicable) and onward in the legislative process.

Notes

The available information confirms sponsors and basic procedural action but does not provide the full text or detailed substantive provisions. For precise definitions, eligible uses, funding caps, district boundaries, term length, and fiscal impact, the bill’s full text and committee amendments should be reviewed once released by the Vermont General Assembly.