IN SB0278

Requires adopting bodies to annually report to the Department of Local Government Finance (DLGF) by November 10 the total outstanding debt, annual debt payments, and estimated payoff year for all debt backed by local income tax, with this information posted on the DLGF's online gateway.

Allows county or township assessors and county boards to request income data from taxpayers within 60 days during property assessment appeals in certain TIF districts to determine assessed value using the income capitalization approach.

Mandates redevelopment commissions and similar TIF bodies submit base assessed value neutralization documentation to DLGF by July 15 annually, with a penalty of 5% of excess assessed value allocated to taxing units if the deadline is missed.

Requires original owners of nonowner-occupied residential properties (subject to 2% tax cap) in TIF areas to enter written agreements obligating them to pay property taxes for their portion of outstanding TIF bonds until retirement, with this agreement recorded as a lien and disclosed in real estate sales.

Permits original TIF districts in taxing districts with multiple TIF districts to remain active solely to satisfy outstanding bonds issued by subsequent TIF districts, subject to DLGF approval and written notice to the State Board of Accounts.