(30 ILCS 105/6z-16)
(from Ch. 127, par. 142z-16)
Illinois Tax Increment Fund.
(a) The Illinois Tax Increment Fund is hereby created in
the State Treasury. All tax revenues which by law are required to be
deposited in the Illinois Tax Increment Fund shall be paid into the Illinois
Tax Increment Fund. All tax revenues paid into the Illinois Tax Increment
Fund shall be promptly invested by the State Treasurer in accordance with
law. Three percent of all deposits into the Illinois Tax Increment Fund
shall be appropriated to the Illinois Department of Revenue to pay costs
incurred by the Department in administering and enforcing the Tax Increment
Allocation Redevelopment Act. Appropriations from the Illinois Tax
Increment Fund shall also be made for proportional distributions to
municipalities. If no appropriations are made during any fiscal
year for distribution to municipalities, this Section shall constitute an
irrevocable and continuing appropriation for the distribution of those
funds, including those funds transferred under subsection (b) of this Section,
in accordance with the provisions of the Tax Increment Allocation Redevelopment
Act. Interest and other earnings accruing or received upon amounts in the
Illinois Tax Increment Fund shall be credited to and paid into the Illinois Tax
Increment Fund, and shall be used to pay amounts owing to eligible
municipalities pursuant to Sections 11-74.4-8a and 11-74.4-3(i), but only to
the extent there are not otherwise sufficient funds in such Illinois Tax
Increment Fund to pay all amounts so due.
(b) Prior to January 31, 1993, the Comptroller and the Treasurer shall
transfer $9,000,000 from the General Revenue Fund to the Illinois Tax
Increment Fund for distribution to municipalities within 60 days after
the effective date of this amendatory Act of 1993.
(c) Notwithstanding any other provision of law, on December 31, 2013, or as soon thereafter as practical, the State Comptroller shall direct and the State Treasurer shall transfer the remaining balance from the Illinois Tax Increment Fund into the General Revenue Fund. Upon completion of the transfers, the Illinois Tax Increment Fund is dissolved, and any future deposits due to that Fund and any outstanding obligations or liabilities of that Fund pass to the General Revenue Fund.
(Source: P.A. 98-24, eff. 6-19-13.)