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SOURCE: Rapid Recovery Solution, Inc
Following an article about new debt collection oversight requiring cities to report TIF revenues, Rapid Recovery Solution gives their comments.
New York, NY (PRWEB) December 10, 2012
On December 10, 2012, collection company Rapid Recovery Solution commented on a recent Des Moines Register article by Emily Schettler regarding the oversight of debt collection requiring cities to report tax increment financing revenues and debts.
According to the Des Moines Register article, “West Des Moines will collect about $10.8 million in tax increment financing during the fiscal year that begins July 1 to use toward bond repayments and infrastructure improvements within the city’s urban renewal areas.”
The article states that the collecting of tax increment financing is due to a new practice required by Iowa Legislature. The article defines TIF as, “an economic development tool that allows a city to freeze property taxes within a designated urban renewal area and collect any incremental taxes generated from development there to use toward improvements in the area.”
The article states that, “State lawmakers this year passed legislation requiring cities to certify annually the amount of TIF revenue they will need to use and the amount that can be released to other taxing authorities, including school districts and counties.”
John Monderine, CEO of collection company Rapid Recovery Solution, offered his comments on why collecting on TIF could be a problem. “As the tax law's get more complicated, people will try even harder to avoid the taxes which could hurt everybody instead of helping,” said Monderine.
Founded in 2006, Rapid Recovery Solution is headquartered at the highest point of beautiful Long Island. Rapid Recovery Collection Agency is committed to recovering your funds. We believe that every debtor has the ability to pay if motivated correctly. We DO NOT alienate the debtors; we attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.
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