HB-5855 Summary

• Amends the Tax Increment Finance Authority Act to require municipalities to operate and maintain websites displaying authority records and documents for the preceding 5 fiscal years, including meeting minutes, budgets, audits, development plans, and financial disclosures.

• Mandates annual informational meetings by tax increment finance authorities with at least 20 days' notice to the public and taxing jurisdictions, highlighting financial and operational information.

• Requires annual financial reports to the governing body, taxing units, and state tax commission detailing tax increment revenues, expenditures, bonded indebtedness, assessed values, public investments, and other financial metrics.

• Transfers enforcement authority from the state tax commission to the department of treasury, which may withhold excess tax increment revenues from non-compliant authorities after 60 days' notice of violations.

• Expands the definition of "public facility" to include transit-oriented development and transit-oriented facilities within 1/2 mile of transit stations.