HB6583 93RD GENERAL ASSEMBLY

LRB093 18627 MKM 44352 b

93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB6583

Introduced 02/09/04, by Jim Sacia

SYNOPSIS AS INTRODUCED:

55 ILCS 90/40

from Ch. 34, par. 8040

Amends the County Economic Development Project Area Tax Increment Allocation Act. Provides that a county may be authorized under the County Economic Development Project Area Tax Increment Allocation Act to establish economic development project areas and to adopt tax increment allocation financing for those areas within 20 months following the effective date of the amendatory Act (the previous authorization expired 20 months after May 7, 1991, the effective date of the Act). Effective immediately.

A BILL FOR

AN ACT concerning counties.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The County Economic Development Project Area Tax Increment Allocation Act of 1991 is amended by changing Section 40 as follows:

(55 ILCS 90/40) (from Ch. 34, par. 8040)

Sec. 40. Limitation on number of economic development project areas. No county shall be authorized under this Act to establish economic development project areas and to adopt tax increment allocation financing for those areas later than 20 months following the effective date of this Act. A county may, however, be authorized under this Act to establish economic development project areas and to adopt tax increment allocation financing for those areas within 20 months following the effective date of this amendatory Act of the 93rd General Assembly.

(Source: P.A. 87-1.)

Section 99. Effective date. This Act takes effect upon becoming law.