Illinois General Assembly - Bill Status for HB1575
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 Bill Status of HB1575  9th General Assembly

Short Description:  TIF-REFORM-VARIOUS

House Sponsors
Rep. Elizabeth Hernandez

Last Action
DateChamber Action
  1/8/2013HouseSession Sine Die

Statutes Amended In Order of Appearance
5 ILCS 220/6.5 new
20 ILCS 620/6from Ch. 67 1/2, par. 1006
35 ILCS 200/20-15
55 ILCS 85/6from Ch. 34, par. 7006
55 ILCS 90/45from Ch. 34, par. 8045
65 ILCS 5/11-74.4-3from Ch. 24, par. 11-74.4-3
65 ILCS 5/11-74.4-4from Ch. 24, par. 11-74.4-4
65 ILCS 5/11-74.4-5.1 new
65 ILCS 5/11-74.4-7from Ch. 24, par. 11-74.4-7
65 ILCS 5/11-74.4-8from Ch. 24, par. 11-74.4-8
65 ILCS 5/11-74.4-9from Ch. 24, par. 11-74.4-9
65 ILCS 110/45

Synopsis As Introduced
Amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. Prohibits new redevelopment project areas from being designated if the equalized assessed value of all property in the redevelopment project area plus the total current equalized assessed value of all property located in the municipality and subject to tax increment financing exceeds 10% of the total equalized assessed value of all property located in the municipality. Provides that all accumulated tax incremental revenues not specifically appropriated for defined costs for projects within a redevelopment project area by the end of a municipality's fiscal year shall be deemed "surplus" funds and shall be distributed to taxing districts. Changes the definition of "blighted area" to include a requirement that redevelopment is unlikely to happen in area in the absence of tax increment financing. Contains provisions allowing taxing districts to opt-out of redevelopment projects. Requires all redevelopment project areas to be approved by a majority vote of each county board and the governing authorities affected taxing districts that have not elected to opt out. Contains provisions authorizing intergovernmental agreements related to taxes and fees collected from within a redevelopment project area. Amends the Economic Development Area Tax Increment Allocation Act, the County Economic Development Project Area Property Tax Allocation Act, and the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code to provide that the initial equalized assessed value of property shall be indexed for inflation. Contains other provisions. Effective immediately.

DateChamber Action
  2/15/2011HouseFiled with the Clerk by Rep. Elizabeth Hernandez
  2/15/2011HouseFirst Reading
  2/15/2011HouseReferred to Rules Committee
  2/22/2011HouseAssigned to Revenue & Finance Committee
  3/17/2011HouseRule 19(a) / Re-referred to Rules Committee
  1/8/2013HouseSession Sine Die

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