Pursuant to Public Act 57 of 2018, if you have a DDA, CIA, LDFA, NIA, WRA and or TIFA that has an active Tax Increment Financing Authority please remember your municipality is subject to additional reporting requirements that went in to effect January 1, 2019.
The first deadline for compliance is quickly approaching. Each authority using tax increment financing is required to send a copy, or a link to a copy, of its current TIF plan (or Development/TIF plan if combined in a single document) to Treasury. TIF plans are due no later than April 1, 2019. Plans should be sent via email to: [email protected].
The deadline for filing the annual financial report (available at the Treasury TIF website) is 180 days after the end of the authority’s fiscal year ending after January 1, 2019.
TIF Reporting Timeline:
Failure to timely file the required documents could result in the loss of some or all of an authority’s tax increment revenue. For questions, contact Travis Bukovcik with the Department of Treasury at [email protected] or 517-335-2532.
Jennifer Rigterink is a legislative associate for the League handling economic development, land use and municipal services issues. She can be reached at [email protected] or 517-908-0305.