Synopsis As Introduced Amends the Illinois Municipal Code. Requires a reporting municipality to comply with certain procedures and pay certain compensation to the Comptroller if a tax increment financing report is not filed within 6 months after the close of the fiscal year of the municipality. Provides that payment for the tax increment financing report shall be ordered by the corporate authorities of the municipality out of the municipality's tax increment financing funds, and prohibits a municipality from levying a tax to meet the costs of a tax increment financing report. Preempts home rule. Amends the State Mandates Act to require implementation without reimbursement by the State. Effective immediately.