Bill Title: Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that, for levy year 2022 and thereafter, the limiting rate shall include 50% of the value of new property (currently, 100% of the value of new property is excluded). Makes changes to the definition of "aggregate extension base". Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Adds two factors to the determination of a "blighted area" for improved, industrial, commercial, and residential buildings or improvements related to poverty and unemployment. Removes or modifies various factors from the definitions of "blighted area" and "conservation area" for improved and vacant areas. Provides that a new redevelopment project shall have a completion date no later than December 31st of the 10th year after the ordinance was adopted (rather than the 23rd year) and may be extended to 15 years (rather than 35 years). Provides that the joint review board and municipality shall approve surplus funds and extensions of redevelopment project area completion dates. Provides that surplus funds shall be distributed annually within 90 days (currently, 180 days) after the close of a municipality's fiscal year. Provides that a new or modified redevelopment project area that overlaps with any existing redevelopment project area shall not be approved. Effective immediately, except that provisions amending the Illinois Municipal Code take effect on January 1, 2022.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2022-02-18 - Rule 19(a) / Re-referred to Rules Committee [HB2436 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2021-02-17	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB2436

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB2436 currently on file.

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