Illinois Senate Bill 1680

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 8 2023 - 25% progression
Action: 2023-03-10 - 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 of the Illinois Municipal Code. Provides that if (1) 3 or more improved lots, blocks, tracts, or parcels of real property within a single redevelopment project area are purchased by a developer or a developer's parent company or wholly-owned subsidiary, or any combination thereof, within the 3 years prior to the date that the ordinance providing for the tax increment allocation was adopted by the municipality, and (2) an improvement on any of the lots, blocks, tracts, or parcels of real property is demolished or otherwise rendered uninhabitable, then the initial equalized assessed value for the lot, block, tract or parcel of real property shall be the equalized assessed value of the lot, block, tract, or parcel of real property on the date it was purchased by the developer, the developer's parent company, or the developer's wholly-owned subsidiary or purchased by any combination thereof. Limits the provisions to ordinances adopted after the effective date of the amendatory Act.

TIF-DEVELOPER LOT INITIAL EAV

Sen. Robert Martwick [D]

Date	Chamber	Action
2023-03-10	Senate	Rule 3-9(a) / Re-referred to Assignments
2023-03-09	Senate	Postponed - Revenue
2023-02-21	Senate	Assigned to Revenue
2023-02-08	Senate	Referred to Assignments
2023-02-08	Senate	First Reading
2023-02-08	Senate	Filed with Secretary by Sen. Robert F. Martwick

Chapter	Article	Section	Citation Type	Statute Text
65	5	11-74.4-9	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1680&GAID=17&DocTypeID=SB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/SB/10300SB1680.htm