This bill modifies the process by which a public entity may utilize tax increment financing. This bill: - defines terms; - beginning July 1, 2026, requires a public entity seeking to utilize tax increment to first:conduct an application authorization meeting; andsubmit an application to the Governor's Office of Economic Opportunity (office); - authorizes the office to review an application and:approve the application; orif the information in the application is unclear, vague, or demonstrably inaccurate, deny the application; - authorizes a public entity that receives an approved application to begin the process to trigger and utilize tax increment; - requires a public entity that receives more revenue from tax increment than anticipated to utilize the revenue to defease bonds or otherwise accelerate repayment of debt incurred by the public entity; and - requires the office to ensure certain information from an application is made publicly available.