H.419 is a bill that seeks to extend the period during which the City of Barre can incur indebtedness for its tax increment financing (TIF) district by two years. Specifically, the bill amends existing law to change the deadline for incurring such indebtedness from March 31, 2026, to March 31, 2028. Additionally, the bill allows the City of Barre to retain municipal and education tax increment until June 30, 2039, thereby providing the city with extended financial flexibility to support its TIF district.

The bill also includes a provision stating that it will take effect upon passage. This legislative change aims to support the City of Barre's economic development initiatives by allowing for continued investment in the TIF district, which is designed to stimulate growth and improve local infrastructure.