Tax Increment Financing (TIF) is a public tool that reallocates newly generated tax dollars for up to 25 years for supporting development or redevelopment in certain limited areas of a city, town, or county. In Oklahoma, the terms and conditions for using TIF are provided in the Local Development Act (62 O.S. §§850-869), enacted by the State in 1992 and has been amended several times. Tax Increment Financing is used to help generate private development projects, through the funding by tax dollars, for public improvements and other eligible project costs.
Update New Reporting Requirements for TIF Districts
SB 317 passed and was signed by the Governor during the 2023 legislative session. It amends 62 O.S. § 860 of the Oklahoma statutes and requires entities administering TIF districts to submit reports to the Oklahoma Department of Commerce on an annual basis. Please see 62 O.S. § 860 for the specific information that will need to be reported. These disclosures will be required for districts in operation for nine months or more and must be submitted to Commerce within ninety (90) days of the end of each fiscal year (by September 28, 2025). Once received, these disclosures will be available to the public by request.
Your Research & Economic Analysis Services Team
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Jon Chiappe
Aldwyn Sappleton
Lesli Crofford
Alexis Carr
Ernest Abrogar
Dat Nguyen
Walter Baker
John Woods
