Illinois Senate Bill 88 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 3 2021 - 25% progression, died in committee
Action: 2021-04-16 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. Provides that any ordinance adopting tax increment financing on or after the effective date of the amendatory Act shall specify a date for the dissolution of the special tax allocation fund and a date for the termination of the designation of the redevelopment project area. Provides that, within 90 days after the effective date of the amendatory Act, each municipality shall amend all existing tax increment financing ordinances to specify a date for the dissolution of the special tax allocation fund and a date for termination of the designation of the redevelopment project area. Provides that municipalities shall notify affected taxing districts of the termination of redevelopment project areas by July 1 (currently, November 1) of the calendar year in which the redevelopment project area is terminated. Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that, if a municipality has failed to provide timely notice to all taxing bodies of the termination of a redevelopment project area and the county clerk has been notified of that failure, then "recovered tax increment value" means the amount of the current year's equalized assessed value in the first year beginning at least 60 days after the notice has been provided.

PROPERTY TAX-TIF FUND

Sen. Win Stoller [R]

Date	Chamber	Action
2021-04-16	Senate	Rule 3-9(a) / Re-referred to Assignments
2021-02-09	Senate	Assigned to Revenue
2021-02-03	Senate	Referred to Assignments
2021-02-03	Senate	First Reading
2021-02-03	Senate	Filed with Secretary by Sen. Win Stoller

Chapter	Article	Section	Citation Type	Statute Text
35	200	18-185	Amended Code	Citation Text
65	5	11-74.4-8	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=88&GAID=16&DocTypeID=SB&SessionID=110&GA=102
Text	https://www.ilga.gov/legislation/102/SB/10200SB0088.htm