Law demands tax receipt reduction
July 19, 1988
DeKalb must reduce sales tax receipts within various districts from 40 percent to 25 percent of total sales tax received, as a result of an amended Tax Increment Finance law.
The law will reduce short-term and long-term state sales taxes cities can receive within districts.
The changing TIF boundaries and prioritizing of projects were discussed by the DeKalb City Council in a special meeting Monday.
As a result of the amended law, DeKalb will receive about $460,000, which is 54 percent of anticipated funding during a 12-month year for TIF projects, DeKalb City Manager Mark Stevens said.