SB2258 Summary

• Establishes a training and certification program for Tax Increment Finance (TIF) administrators conducted by the State Comptroller in consultation with the State Comptroller Local Government Advisory Board, with curriculum covering state reporting requirements, prevailing wage law, and eligible redevelopment costs.

• Requires the name and identification number of redevelopment project areas and a State Internet website address for tax increment financing information to be printed on property tax bills.

• Mandates that beginning January 1, 2014, the State Comptroller post municipal TIF financial information on its website within 45 days of receipt and maintain a list of non-compliant municipalities.

• Requires municipalities to electronically submit financial statements for each redevelopment project area, including lists of intergovernmental agreements and accounting of transferred or received moneys within 180 days of fiscal year close.

• Establishes daily fees for delinquent TIF reports ($5-$20 per day depending on days overdue) and caps annual Comptroller fees at $5,000 for largest municipalities and $250 for smallest municipalities, with all fees deposited to the Comptroller's Administrative Fund.