IL SB3515 | 2023-2024 | 103rd General Assembly
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 9 2024 - 25% progression
Action: 2024-06-26 - Pursuant to Senate Rule 3-9(b) / Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 9 2024 - 25% progression
Action: 2024-06-26 - Pursuant to Senate Rule 3-9(b) / 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, on and after the effective date of the amendatory Act, before the estimated dates of completion of a redevelopment project and retirement of obligations issued to finance development project costs (including refunding bonds) are extended to the 35th or 47th years, the municipality must submit to the Governor, President of the Senate, and Speaker of the House of Representatives written support for the extension of the life of the redevelopment project area from each school district, community college district, and park district that has authority to directly levy taxes on property within the redevelopment project area. Provides that a may only submit written support to extend a redevelopment project area to the 35th year within the 5 years prior to the estimated date of completion of the redevelopment project and may only submit written support to extend a redevelopment project area to the 47th year within one year prior to the estimated date of completion of the redevelopment project area. Effective immediately.
Title
TIF EXTENSION RESTRICTIONS
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2024-06-26 | Senate | Pursuant to Senate Rule 3-9(b) / Referred to Assignments |
| 2024-05-25 | Senate | Rule 2-10 Committee/3rd Reading Deadline Established As May 26, 2024 |
| 2024-05-24 | Senate | Rule 2-10 Committee/3rd Reading Deadline Established As May 25, 2024 |
| 2024-05-17 | Senate | Rule 2-10 Committee Deadline Established As May 24, 2024 |
| 2024-05-03 | Senate | Rule 2-10 Committee/3rd Reading Deadline Established As May 17, 2024 |
| 2024-05-03 | Senate | Rule 2-10 Committee/3rd Reading Deadline Established As May 17, 2024 |
| 2024-04-19 | Senate | Rule 2-10 Committee Deadline Established As May 3, 2024 |
| 2024-04-12 | Senate | Rule 2-10 Third Reading Deadline Established As May 3, 2024 |
| 2024-04-10 | Senate | Chief Sponsor Changed to Sen. Mary Edly-Allen |
| 2024-04-05 | Senate | Rule 2-10 Committee Deadline Established As April 19, 2024 |
| 2024-03-15 | Senate | Rule 2-10 Committee Deadline Established As April 5, 2024 |
| 2024-03-04 | Senate | Added as Chief Co-Sponsor Sen. Mary Edly-Allen |
| 2024-02-20 | Senate | Assigned to Executive |
| 2024-02-09 | Senate | Referred to Assignments |
| 2024-02-09 | Senate | First Reading |
| 2024-02-09 | Senate | Filed with Secretary by Sen. Ann Gillespie |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 65 | 5 | 11-74.4-3.5 | Amended Code | Citation Text |
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3515&GAID=17&DocTypeID=SB&SessionID=112&GA=103 |
| Text | https://www.ilga.gov/legislation/103/SB/10300SB3515.htm |
