HB3760 99TH GENERAL ASSEMBLY

LRB099 07062 HLH 27146 b

99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB3760

Introduced , by Rep. Jack D. Franks

SYNOPSIS AS INTRODUCED:

New Act

Creates the Local Government Tax Incentive Disclosure Act. Provides that each unit of local government shall report the annual value of any tax incentive granted by the unit of local government as lost revenue on the annual financial report for that unit of local government. Provides that the term "tax incentive" means any property tax abatement granted by a unit of local government or any tax increment financing affecting a unit of local government. Provides that, no later than August 1 of each year, the Department of Commerce and Economic Opportunity shall report to the Governor and the General Assembly the total value of all tax credits awarded by the Department. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning State government.

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

Section 1. Short title. This Act may be cited as the Local Government Tax Incentive Disclosure Act.

Section 5. Definitions. As used in this Act:

"Department" means the Department of Commerce and Economic Opportunity.

"Tax incentive" means any property tax abatement granted by a unit of local government or any tax increment financing affecting a unit of local government.

"Unit of local government" has the meaning ascribed to that term in Section 1 of Article VII of the Illinois Constitution.

Section 10. Disclosure required. Notwithstanding any other provision of law, each unit of local government shall report the annual value of any tax incentive granted by the unit of local government as lost revenue on the annual financial report for that unit of local government.

Section 15. Department reports. Notwithstanding any other provision of law, no later than August 1 of each year, the Department shall report to the Governor and the General Assembly the total value of all tax credits awarded by the Department, including, but not limited to, credits awarded under the Economic Development for a Growing Economy Tax Credit Act.

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