IL SB2880 | 2017-2018 | 100th General Assembly

Status

Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on February 14 2018 - 25% progression
Action: 2018-04-13 - Rule 2-10 Committee Deadline Established As April 27, 2018
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
2018-04-13SenateRule 2-10 Committee Deadline Established As April 27, 2018
2018-03-14SenateAdded as Co-Sponsor Sen. Dale A. Righter
2018-02-21SenateAssigned to Revenue
2018-02-14SenateReferred to Assignments
2018-02-14SenateFirst Reading
2018-02-14SenateFiled with Secretary by Sen. John F. Curran

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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