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Does Tax Increment Financing deliver economic development?

A mural opposing the TIF in the Pilsen neighbourhood of Chicago

Tax Increment Financing (TIF) is a controversial tool for economic development. New and so far unpublished research on its use in Chicago questions the benefits that TIFs generate. These findings strengthen the reservations about TIF that my co-authors and I expressed in our new book on Regional and Local Economic Development. In England the TIF idea has been promoted by the British Property Federation and the Core Cities Group, and has received government backing. Meanwhile the Scottish Government has indicated that it will support six pilot TIF projects. So why are there so many criticisms of TIFs in the USA? Continue reading