Senate Bill 393 was presented to the Governor yesterday. The legislation consolidates tax increment financing authorities, excluding BRAs, in to one act called the “Recodified Tax Increment Financing Act”. Each individual act was incorporated in to the legislation without change. In addition to combining the TIF authorities under one act, the legislation adds reporting requirements, accountability for adhering to those requirements, and transparency measures.
The legislation also requires the Department of Treasury to create a form on which an authority capturing tax increment revenues will use to report TIF account information. The department must consult with local government and professional organizations representing municipalities in the development of the form to ensure that the reporting form is manageable, easy to use, and not redundant, while at the same time providing useful information the state is seeking.
The League commends Senator Horn for his work on this legislation over these last two years, and for keeping to the intent of increasing transparency and collecting data before additional policy changes are considered.
Jennifer Rigterink is a legislative associate for the League handling economic development, land use and municipal services issues. She can be reached at email@example.com or 517-908-0305.