99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB3760

 

Introduced , by Rep. Jack D. Franks

 

SYNOPSIS AS INTRODUCED:
 
New Act

    Creates the Local Government Tax Incentive Disclosure Act. Provides that each unit of local government shall report the annual value of any tax incentive granted by the unit of local government as lost revenue on the annual financial report for that unit of local government. Provides that the term "tax incentive" means any property tax abatement granted by a unit of local government or any tax increment financing affecting a unit of local government. Provides that, no later than August 1 of each year, the Department of Commerce and Economic Opportunity shall report to the Governor and the General Assembly the total value of all tax credits awarded by the Department. Effective immediately.


LRB099 07062 HLH 27146 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3760LRB099 07062 HLH 27146 b

1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 1. Short title. This Act may be cited as the Local
5Government Tax Incentive Disclosure Act.
 
6    Section 5. Definitions. As used in this Act:
7    "Department" means the Department of Commerce and Economic
8Opportunity.
9    "Tax incentive" means any property tax abatement granted by
10a unit of local government or any tax increment financing
11affecting a unit of local government.
12    "Unit of local government" has the meaning ascribed to that
13term in Section 1 of Article VII of the Illinois Constitution.
 
14    Section 10. Disclosure required. Notwithstanding any other
15provision of law, each unit of local government shall report
16the annual value of any tax incentive granted by the unit of
17local government as lost revenue on the annual financial report
18for that unit of local government.
 
19    Section 15. Department reports. Notwithstanding any other
20provision of law, no later than August 1 of each year, the
21Department shall report to the Governor and the General

 

 

HB3760- 2 -LRB099 07062 HLH 27146 b

1Assembly the total value of all tax credits awarded by the
2Department, including, but not limited to, credits awarded
3under the Economic Development for a Growing Economy Tax Credit
4Act.
 
5    Section 99. Effective date. This Act takes effect upon
6becoming law.