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Hurricane Helene Disaster Relief

Payment in Lieu of Tax (PILOT) and Tax Increment Financing (TIF) Reporting Deadline

September 3, 2024

NOTICE

To:           Private Lessees/Companies
                Industrial Development Board Staff Contacts
                Local Housing Authority Staff Contacts
                Assessor of Property Contacts

From:      E. Robin Pope, JD
                 Executive Secretary
                 State Board of Equalization

Re:        Payment-In-Lieu of Tax (PILOT) and Tax Increment Financing (TIF) Reporting submissions are due October 1, 2024

Businesses leasing property from public boards and authorities are required to annually report to the Comptroller of the Treasury concerning leased properties by October 1 of every year. Tenn. Code Ann. §§ 7-53-305(e), 7-67-114(b), 9-23-106(b), and 48-101-312(d).

In addition, Tenn. Code Ann. § 4-17-103 requires parties to economic development agreements to file final contracts with the Comptroller of the Treasury and the chief executive officer of each jurisdiction in which the property is located.

The annual reports with the Comptroller of the Treasury can be filed online through the Comptroller’s website at https://www.comptroller.tn.gov/boards/state-board-of-equalization/sboe-services/property-tax-incentive-programs.html.

Please note:

·       A late filing fee of $50 will be charged for filings made after October 1.

·       Filers are required to file a copy of the report with the County Assessor of Property where the property is located.

·       If you encounter any technical difficulties or have questions, please call or e-mail Arlene Hailey at 615.747.5307 or         Arlene.Hailey@cot.tn.gov.