Illinois General Assembly - Bill Status for SB1947

Creates the Honesty in Economic Development Act. Provides that an agreement or contract entered into by a governmental unit, or any party negotiating on behalf of the governmental unit, for projects for economic development that includes a tax incentive may not contain any language that provides that the agreement or contract or any of its terms are confidential or that the parties to the agreement or contract are prohibited from disclosing, discussing, describing, or commenting upon the terms of the agreement or contract. Provides that the Act does not supersede any exemption to a public body's obligation to disclose public records set forth in the Freedom of Information Act, except that the Freedom of Information Act exemption that prohibits the disclosure of trade secrets and commercial or financial information furnished under a claim that they are proprietary, privileged, or confidential is not applicable to the identity of any party to an agreement or contract negotiation for a tax incentive or any party with a beneficial interest in that tax incentive. Defines "tax incentive" to include payments in lieu of taxes, tax abatements, or bonds, notes, loans, grants, or rebates for the economic development. Defines "governmental unit".

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