TIF-INFLATION ADJUSTMENTS Senate SponsorsSen. Terry Link-Christine Radogno 1/12/2011SenateSession Sine Die 20 ILCS 620/6from Ch. 67 1/2, par. 100655 ILCS 85/6from Ch. 34, par. 700655 ILCS 90/45from Ch. 34, par. 804565 ILCS 5/11-74.4-9from Ch. 24, par. 11-74.4-965 ILCS 110/45Amends the Economic Development Area Tax Increment Allocation Act, the County Economic Development Project Area Property Tax Allocation Act, the County Economic Development Project Area Tax Increment Allocation Act of 1991, the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code, and the Economic Development Project Area Tax Increment Allocation Act of 1995. Provides that, beginning January 1, 2011, the initial equalized assessed value of all taxable real property within the economic development project area must be increased over the initial equalized assessed value of the previous year by the annual rate of increase, for the previous calendar year, of the Consumer Price Index for All Urban Consumers for all items, published by the United States Bureau of Labor Statistics. Effective immediately.Senate Floor Amendment No. 1 Adds reference to:65 ILCS 5/11-74.6-4065 ILCS 5/11-74.6-50Provides that the introduced bill applies to economic development and redevelopment project areas established or extended on or after January 1, 2011. Provides that, if an economic development or redevelopment project area is established on or after January 1, 2011, and the boundaries of the economic development or redevelopment project area are subsequently expanded, then, beginning with the first taxable year during which the additional property is included, the equalized assessed value for the previous year shall be calculated as though the additional property had been included during the previous year. Provides that, if an economic development or redevelopment project area is established prior to January 1, 2011, and the boundaries of the economic development or redevelopment project area are expanded on or after January 1, 2011, then, each year, the initial equalized assessed value of the additional property must be increased over the initial equalized assessed value of the additional property for the previous year by the annual rate of increase of the Consumer Price Index. Amends the Industrial Jobs Recovery Law in the Illinois Municipal Code to make conforming changes. Extends the authority granted to municipalities to establish redevelopment project areas under the Law until January 1, 2015. 2/9/2010SenateFiled with Secretary by Sen. Terry Link 2/9/2010SenateFirst Reading 2/9/2010SenateReferred to Assignments 2/16/2010SenateAssigned to Revenue 2/23/2010SenateAdded as Chief Co-Sponsor Sen. Christine Radogno 2/24/2010SenateDo Pass Revenue; 010-000-000 2/24/2010SenatePlaced on Calendar Order of 2nd Reading February 25, 2010 3/11/2010SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Terry Link 3/11/2010SenateSenate Floor Amendment No. 1 Referred to Assignments 3/16/2010SenateSenate Floor Amendment No. 1 Assignments Refers to Revenue 3/16/2010SenateSenate Floor Amendment No. 1 Recommend Do Adopt Revenue; 007-000-000 3/18/2010SenateSecond Reading 3/18/2010SenateSenate Floor Amendment No. 1 Adopted; Link 3/18/2010SenatePlaced on Calendar Order of 3rd Reading March 23, 2010 3/19/2010SenateRule 2-10 Third Reading Deadline Established As March 26, 2010 3/26/2010SenateRule 2-10 Third Reading Deadline Established As April 15, 2010 4/23/2010SenateRule 2-10 Third Reading Deadline Established As May 7, 2010 6/27/2010SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments 1/12/2011SenateSession Sine Die