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Localism Bill

118: Before Clause 38, insert the following new Clause— ““Tax increment financing (1) The Business Rate Supplement Act 2009 is amended as follows. (2) After section 1 (power to impose a BRS) insert— ““(1A) A BRS may be in the form of tax increment financing.”” (3) In section 14 (chargeable amount: supplementary) in subsection (2) after ““““A”” is”” insert ““for any form of BRS other than tax increment financing””. (4) In section 14, after subsection (2) insert— ““(2A) For tax increment financing ““A”” is— (a) the increase in the rateable value on the chargeable day attributable to the project to which the tax increment financing relates, or (b) if section 12(2) applies, the rateable value of the occupied part of the hereditament on that day.””.””