Illinois General Assembly - Bill Status for HB4929

Amends the Illinois Municipal Code. Authorizes a municipality carrying out a business district development or redevelopment plan to impose a tax on the retail sale of tangible personal property and the sale or charge for a sleeping room, not to exceed 1% of the selling price of the tangible personal property or the charge for the sleeping room and only to be imposed in 0.25% increments. Requires a municipality imposing these taxes to follow certain additional procedures in applying for designation as a business district and approval of a business district development or redevelopment plan. Requires that the revenue generated by the tax be deposited into the municipality's Business District Tax Allocation Fund. Authorizes a municipality to issue obligations in one or more series bearing interest at rates determined by the corporate authorities of the municipality by ordinance and secured by the Business District Tax Allocation Fund. Requires the ordinance (i) to pledge any amounts in and to be deposited into the Business District Tax Allocation Fund for the payment of business district costs and obligations and (ii) to contain certain recitals. Authorizes the public or private sale of the obligations and the issuance of obligations to refunded previously issued obligations. Upon payment of all business district costs, requires all surplus funds to be deposited into the general corporate fund. Requires the corporate authorities of the municipality to adopt an ordinance immediately rescinding the tax when all business district costs and obligations have been paid. Effective immediately.

Deletes everything. Amends the Illinois Municipal Code. Authorizes a municipality carrying out a business district development or redevelopment plan to impose a retailers' occupation tax, a service occupation tax, and a hotel operators' occupation tax. Requires a municipality imposing these taxes to follow certain additional procedures in applying for designation as a business district and approval of a business district development or redevelopment plan. Requires that the revenue generated by the tax be deposited into the municipality's Business District Tax Allocation Fund. Authorizes a municipality to issue obligations in one or more series bearing interest at rates determined by the corporate authorities of the municipality by ordinance and secured by the Business District Tax Allocation Fund. Requires the ordinance (i) to pledge any amounts in and to be deposited into the Business District Tax Allocation Fund for the payment of business district costs and obligations and (ii) to contain certain recitals. Authorizes the public or private sale of the obligations and the issuance of obligations to refunded previously issued obligations. Upon payment of all business district costs, requires all surplus funds to be deposited into the general corporate fund. Requires the corporate authorities of the municipality to adopt an ordinance immediately rescinding the tax when all business district costs and obligations have been paid. Effective January 1, 2005.

Date	Chamber	Action
1/11/2005	House	Session Sine Die

Date	Chamber	Action
2/4/2004	House	Filed with the Clerk by Rep. Arthur L. Turner
2/4/2004	House	Chief Co-Sponsor Rep. Robert S. Molaro
2/4/2004	House	Chief Co-Sponsor Rep. Jay C. Hoffman
2/4/2004	House	Chief Co-Sponsor Rep. Angelo Saviano
2/4/2004	House	Chief Co-Sponsor Rep. Kenneth Dunkin
2/4/2004	House	Co-Sponsor Rep. Steve Davis
2/4/2004	House	Co-Sponsor Rep. Calvin L. Giles
2/4/2004	House	Co-Sponsor Rep. Kurt M. Granberg
2/4/2004	House	Co-Sponsor Rep. Thomas Holbrook
2/4/2004	House	Co-Sponsor Rep. Robin Kelly
2/4/2004	House	Co-Sponsor Rep. Wyvetter H. Younge
2/5/2004	House	First Reading
2/5/2004	House	Referred to Rules Committee
2/19/2004	House	Assigned to Commerce and Business Development Committee
3/2/2004	House	Added Co-Sponsor Rep. Dan Reitz
3/4/2004	House	Re-assigned to Revenue Committee
3/4/2004	House	Committee Deadline Extended-Rule 9(b) April 2, 2004
3/25/2004	House	Do Pass / Short Debate Revenue Committee; 006-002-000
3/25/2004	House	Placed on Calendar 2nd Reading - Short Debate
3/31/2004	House	House Floor Amendment No. 1 Filed with Clerk by Rep. Arthur L. Turner
3/31/2004	House	House Floor Amendment No. 1 Referred to Rules Committee
3/31/2004	House	Second Reading - Short Debate
3/31/2004	House	Held on Calendar Order of Second Reading - Short Debate
4/1/2004	House	House Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 004-000-000
4/1/2004	House	House Floor Amendment No. 1 Adopted by Voice Vote
4/1/2004	House	Placed on Calendar Order of 3rd Reading - Short Debate
4/2/2004	House	Third Reading - Consideration Postponed
4/2/2004	House	Placed on Calendar - Consideration Postponed
4/2/2004	House	Added Co-Sponsor Rep. Lovana Jones
4/2/2004	House	Committee/3rd Reading Deadline Extended-Rule 9(b); April 30, 2004
4/30/2004	House	Rule 19(a) / Re-referred to Rules Committee
1/11/2005	House	Session Sine Die

	Adds reference to:
	65 ILCS 5/8-11-6a	from Ch. 24, par. 8-11-6a