IL SB1680 | 2023-2024 | 103rd General Assembly

Status

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]

Summary

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.

Tracking Information

Register now for our free OneVote public service or GAITS Pro trial account and you can begin tracking this and other legislation, all driven by the real-time data of the LegiScan API. Providing tools allowing you to research pending legislation, stay informed with email alerts, content feeds, and share dynamic reports. Use our new PolitiCorps to join with friends and collegaues to monitor & discuss bills through the process.

Monitor Legislation or view this same bill number from multiple sessions or take advantage of our national legislative search.

Title

TIF-DEVELOPER LOT INITIAL EAV

Sponsors


History

DateChamberAction
2023-03-10SenateRule 3-9(a) / Re-referred to Assignments
2023-03-09SenatePostponed - Revenue
2023-02-21SenateAssigned to Revenue
2023-02-08SenateReferred to Assignments
2023-02-08SenateFirst Reading
2023-02-08SenateFiled with Secretary by Sen. Robert F. Martwick

Code Citations

ChapterArticleSectionCitation TypeStatute Text
65511-74.4-9Amended CodeCitation Text

Illinois State Sources


Bill Comments

feedback