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SB1694 - 104th General Assembly
TIF-DEVELOPER LOT INITIAL EAV
Last Action
Statutes Amended In Order of Appearance
65 ILCS 5/11-74.4-9from Ch. 24, par. 11-74.4-9
Synopsis As Introduced
Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that if (1) 3 or more improved lots, blocks, tracts, or parcels of real property within a single redevelopment project area are purchased by a developer or a developer's parent company or wholly-owned subsidiary, or any combination thereof, within the 3 years prior to the date that the ordinance providing for the tax increment allocation was adopted by the municipality, and (2) an improvement on any of the lots, blocks, tracts, or parcels of real property is demolished or otherwise rendered uninhabitable, then the initial equalized assessed value for the lot, block, tract or parcel of real property shall be the equalized assessed value of the lot, block, tract, or parcel of real property on the date it was purchased by the developer, the developer's parent company, or the developer's wholly-owned subsidiary or purchased by any combination thereof. Limits the provisions to ordinances adopted after the effective date of the amendatory Act.
Actions
| Date | Chamber | Action |
|---|---|---|
| 2/05/2025 | Senate | Filed with Secretary by Sen. Robert F. Martwick |
| 2/05/2025 | Senate | First Reading |
| 2/05/2025 | Senate | Referred to Assignments |
| 2/18/2025 | Senate | Assigned to Revenue |
| 3/21/2025 | Senate | Rule 2-10 Committee Deadline Established As April 11, 2025 |
| 4/11/2025 | Senate | Rule 2-10 Committee Deadline Established As May 9, 2025 |
| 5/09/2025 | Senate | Rule 2-10 Committee/3rd Reading Deadline Established As May 23, 2025 |
| 5/23/2025 | Senate | Rule 2-10 Committee/3rd Reading Deadline Established As June 1, 2025 |
| 6/02/2025 | Senate | Rule 3-9(a) / Re-referred to Assignments |