An act relating to tax increment financing for flood-impacted communities

This bill creates a program allowing Vermont towns and cities in areas affected by major floods (specifically in counties with a 2023-2024 FEMA disaster declaration) to use increases in property tax revenue to fund flood-related improvements. Municipalities must develop a project plan for repairs, infrastructure, or affordable housing, secure local approval, and get the Vermont Economic Progress Council to review it for compliance with criteria like flood resiliency or brownfield cleanup. The program uses existing tax revenue growth - without requiring new taxes - to finance projects that meet specific community needs, administered by the Vermont Economic Progress Council.