The bill H.419 proposes to extend the period during which the City of Barre can incur indebtedness for its tax increment financing (TIF) district by two years, moving the deadline 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. This extension aims to provide the city with more time to manage its financial obligations related to the TIF district.

The bill also includes a provision stating that it will take effect upon passage. This legislative change is intended to support the City of Barre in its financial planning and development efforts, ensuring that it can continue to utilize tax increment financing as a tool for economic growth.