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Assessing the Impacts of Tax Increment Financing (TIF): A Collaborative Approach to Economic Development Policy Research. George H. Rafael Thomas G. Johnson, PhD James K. Scott, PhD. INTRODUCTION. Missouri TIF Legislation The Need for Collaboration How TIF Works in Missouri

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Assessing the Impacts of Tax Increment Financing (TIF): A Collaborative Approach to Economic Development Policy Research

George H. Rafael

Thomas G. Johnson, PhD

James K. Scott, PhD

introduction
INTRODUCTION
  • Missouri TIF Legislation
  • The Need for Collaboration
  • How TIF Works in Missouri
  • The Problems and A Research Framework
  • Simulation Results and Discussion
benefits of collaboration
STATE AGENCY

University brings research skills and experience

University offers independence and objectivity

UNIVERSITY

Opportunity to conduct research

Exposes students to real world

Opportunity for public service experience

BENEFITS OF COLLABORATION
how tif works arguments
PROS

Spurs economic development

Finances needed infrastructure

Eventually increase revenues to local governments

CONS

Municipalities capture tax revenues from other jurisdictions

Often used in growing and prosperous areas

Wastes scarce public resources

How TIF WorksARGUMENTS
perverse incentives
Over-use TIF Funds

Displace Expenditures from the General Fund

Create TIFs in Areas with Growing Tax Bases

Make TIFs as Large as Possible

Use TIF to Support Retail Development

Limit Public Participation

Perverse Incentives
research issues
Research Issues
  • What is “Blighted”?
  • “But For…”
  • Baseline Assumptions
  • Displacement
  • Other
research plan
Research Plan
  • Inventory Missouri TIF Projects
  • Develop TIF Impact Simulator Models
  • Generate Baselines for all Affected Jurisdictions
  • Establish Criteria and Procedures to Evaluate TIF Impacts
  • Involve Local Decision Makers in TIF Assessments