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TIF bill would require annual debt reporting, tighten income disclosure in appeals and protect revenue used to retire bonds
Summary
Senate Bill 278 would add transparency and procedural guardrails for tax increment financing (TIF) districts: mandatory annual debt disclosures to DLGF, authority to request income data in appeals when income capitalization is used, restrictions on using old TIFs to support new ones, a July 15 documentation deadline with a 5% reallocation penalty for noncompliance, and required disclosure of TIF‑related liens in residential sales.
Senator Baldwin described SB 278 as a TIF neutralization measure intended to improve transparency and to protect overlapping taxing units and taxpayers from unexpected reallocations of base assessed value. The bill contains multiple components:
1) Mandatory annual public reporting of TIF‑backed debt and structured financial data (outstanding balances, annual debt service, estimated payoff year and any secondary…
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