SPRINGFIELD – The City of Phoenix would see an extension on the sunset of their tax increment financing district from 2019 to 2031 under a proposal led by Senator Napoleon Harris III (D-Harvey).

“Phoenix still needs time to recover from the economic hardships that hit the area,” Harris said. “From the loss of industry to the recession, there’s a long road ahead for rebuilding the city, and this measure assists with that process.”

TIF districts are important for cities and towns going through economic trouble. They help attract private investment and bring new businesses to help with economic expansion.

The TIF was created in 1996 and is set to expire at the end of 2019.

House Bill 2931 was approved by the Senate Revenue Committee on Tuesday, and is scheduled to be heard by the full Senate.