Bill Title: Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. In a municipality's annual reporting for each redevelopment project area, provides that the municipality shall report the percentage of the amounts of expenditures from the special tax allocation fund on redevelopment project costs compared to the amounts deposited into the special tax allocation fund during the fiscal year. Provides that a redevelopment project area is dormant when the percentage of the amounts of expenditures from a special tax allocation fund on redevelopment project costs is 10% or less than the amounts deposited into the special tax allocation fund for 7 consecutive fiscal years of the redevelopment project area. Provides that a municipality shall by ordinance terminate a dormant redevelopment project area no later than 45 days after filing its annual report indicating that a redevelopment project area is dormant. Provides that if a municipality fails to terminate a dormant redevelopment project area as required, the municipality shall be subject to a fine of $1,000 per day until it terminates the dormant redevelopment project area. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-06-23 - Rule 19(b) / Re-referred to Rules Committee [HB5017 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2020-02-13	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB5017

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB5017 currently on file.

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