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ID H0267
Bill
Status
3/6/2013
Primary Sponsor
Revenue and Taxation Committee
Click for details
AI Summary
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Authorizes the Idaho Transportation Department and Department of Commerce to create Transportation and Economic Development Zones around approved state highway projects with minimum $50 million in improvements, subject to criteria including regional significance, revenue-positive sales tax impacts meeting debt service coverage ratios, and congestion mitigation benefits.
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Requires an independent economist to forecast revenue positive sales tax impacts and economic impacts over a 30-year period, with total economic impacts estimated at least 2 times greater than project construction costs, before zone formation.
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Establishes two funds in the state treasury: a Transportation and Economic Development Zone Project Fund for approved highway project proceeds and a Debt Service Fund for bond/note principal and interest payments, with continuous appropriation from state sales tax revenues.
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Allows bonds or notes to be issued through the Idaho Housing and Finance Association for approved projects as long as average annual debt service does not exceed 7.5% of state sales tax collection, with capitalized interest utilized to maximum financially prudent extent.
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Requires annual reporting by independent economist and Idaho Transportation Department comparing actual revenue impacts to initial projections, with reports filed to legislative leaders and governor for duration bonds remain outstanding.
Legislative Description
Adds to and amends existing law relating to transportation to establish provisions authorizing the Idaho Transportation Department and the Idaho Department of Commerce to enter into certain agreements, to establish provisions relating to a schedule and submitting such schedule to a bond issuer, to establish provisions relating to financing, to establish provisions relating to the selection of an economist and the work to be performed by such economist, to establish provisions relating to a filing with the State Tax Commission, to establish provisions relating to certain accounts; to provide for the continuous appropriation of moneys and to establish provisions relating to the authority of the Idaho Housing and Finance Association to issue certain bonds; and to establish provisions relating to the approval of a project and to establish provisions relating to the issuance of certain bonds.
TRANSPORTATION AND ECONOMIC DEVELOPMENT ZONES
Last Action
Reported Printed and Referred to Revenue & Taxation
3/7/2013