IL HB5230 | 2017-2018 | 100th General Assembly

Status

Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: Introduced on February 15 2018 - 25% progression
Action: 2018-04-10 - Added Chief Co-Sponsor Rep. Carol Ammons
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that for redevelopment project areas created on and after the effective date of the amendatory Act, "blighted areas" must have a household median income of 100% or less of the area median income, as defined by the U.S. Department of Housing and Urban Development, in addition to the other requirements for "blighted areas". Provides that on or after January 1, 2019, tax increment revenues may be utilized for jointly undertaken and performed redevelopment projects only in an amount equal to the percentage of eligible costs undertaken within the redevelopment project area that received the revenue. Provides that tax increment revenues received in one redevelopment project area may not be used for eligible costs in another redevelopment project area on or after January 1, 2019 and tax increment revenues may not be transferred to another redevelopment project area on or after January 1, 2019. Provides that if there are any contracts or agreements in force on the effective date of the amendatory Act, tax increment revenues may continue to be used or transferred to another redevelopment project area or utilized for jointly undertaken and performed redevelopment projects after January 1, 2019 only to the extent necessary to comply with the contract or agreement.

Tracking Information

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Title

TIF-BLIGHT AND UTILIZE REVENUE

Sponsors


History

DateChamberAction
2018-04-10HouseAdded Chief Co-Sponsor Rep. Carol Ammons
2018-03-22HouseAdded Chief Co-Sponsor Rep. Margo McDermed
2018-03-09HouseAdded Chief Co-Sponsor Rep. Rita Mayfield
2018-02-16HouseReferred to Rules Committee
2018-02-16HouseFirst Reading
2018-02-15HouseFiled with the Clerk by Rep. William Davis

Code Citations

ChapterArticleSectionCitation TypeStatute Text
65511-74.4-3Amended CodeCitation Text
65511-74.4-3.1Amended CodeCitation Text
65511-74.4-4Amended CodeCitation Text
65511-74.4-4.3New CodeSee Bill Text

Illinois State Sources


Bill Comments

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