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HB4768 Engrossed |
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LRB095 17020 HLH 43068 b |
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| AN ACT concerning local government.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Municipal Code is amended by adding |
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| Section 8-1-19 as follows:
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| (65 ILCS 5/8-1-19 new) |
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| Sec. 8-1-19. Tax sharing agreements. Notwithstanding any |
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| other provision of law, the corporate authorities of 2 adjacent |
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| municipalities may, by intergovernmental agreement, divide |
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| between them by a mutually agreeable mathematical formula any |
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| revenue generated from retailers' occupation taxes imposed by |
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| one or both of the municipalities. The agreement may be in |
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| effect for any length of time determined by the municipalities. |
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| The agreement must be ratified by the corporate authorities of |
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| both municipalities after a public hearing. No agreement under |
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| this Section is valid unless notice of the public hearing is |
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| posted in a newspaper of general circulation within the |
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| municipality or on a website maintained by the municipality not |
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| less than 30 days nor more than 60 days prior to the hearing.
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.
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