요약2 |
Tax Increment Financing(TIF) has been used as a favored method in financing development projects to revitalize blighted areas in the U.S. Many scholars have studied the applicability of TIF for real estate developments in Korea since early 2000s. While they have focused on the mechanism of TIF and feasibility analysis for TIF application, little has been known about the nature of TIF implementation and challenges that may occur during the implementation process. This paper aimed at providing policy implications for the application of TIF for urban regeneration projects in Korea through the analysis of 50 TIF statues and 29 case laws in the U.S. The paper finds that the revenue sources of TIF include economic activity taxes, such as sales tax, income tax, and utility tax, as well as property taxes. This finding is important in that most tax revenues from real estate markets in Korea depend on transaction fees rather than property taxes. In addition, the paper reveals that the TIF cases in the U.S. have faced with many legal challenges where many cases with the issues of “blight” findings and the diversion of revenues from other taxing districts were worked out against TIF projects, implying that the statues with detailed guidelines that can specify the criteria of blighted areas, diversion of tax revenues, etc. should be enacted at the national scale when TIF is adopted in Korea as a public financing tool. |