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Missouri Tax Increment Financing Annual Reports
Pursuant to the TIF Act, the Missouri Department of Revenue will send a written notice to all municipalities that do not file their reports by November 15, 2017 or submit inaccurate or incomplete reports. If the municipality does not then file its report, or make the appropriate corrections, within 60 days from receipt of the notice, the municipality will be “prohibited from adopting any new tax increment finance plan for a period of five years from the date of the Department of Revenue’s notice.” All reports are deemed accepted unless a written objection is delivered by the Department of Revenue.
Municipalities may verify their past compliance with this requirement at http://app.auditor.mo.gov/TIF/SearchTIF.aspx. Please note that the Missouri Department of Revenue’s online reporting system will only accept reports for 2017. Municipalities that wish to file or amend reports for prior years must submit a paper copy using the form available at http://dor.mo.gov/forms/Tax%20Increment%20Financing%20Report.pdf.
In addition to the report, an annual statement showing the payments made in lieu of taxes received and expended in that year, the status of the redevelopment plan and projects, the amount of outstanding bonded indebtedness and any additional information that the municipality deems necessary must be published in a newspaper of general circulation in the municipality.
Please also note that Section 99.865.3 of the TIF Act requires municipalities to hold duly-noticed hearings regarding TIF redevelopment plans and redevelopment projects every five years after their adoption. The purpose of the hearing is to determine if the applicable redevelopment project has made satisfactory progress.
Please contact your Gilmore & Bell attorney if you have any questions regarding the reporting requirements contained in the TIF Act.
Posted: Oct 24, 2017