Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as
Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
(65 ILCS 5/8-8-3.5)
Sec. 8-8-3.5. Tax Increment Financing Report. The reports filed under
subsection (d) of Section 11-74.4-5 of the Tax Increment Allocation
Redevelopment Act and the reports filed under subsection (d) of Section
11-74.6-22 of the Industrial Jobs Recovery Law
in the Illinois Municipal Code must be separate from any
other annual report filed with the Comptroller. The Comptroller must, in
cooperation with reporting municipalities, create
a format for the reporting of information described in paragraphs (1.5),
(5), and (8) and
in subparagraph (G) of paragraph (7) of subsection (d) of Section
11-74.4-5 of
the Tax Increment Allocation Redevelopment Act
and the information described in paragraphs (1.5), (5), and (8) and in subparagraph
(G) of paragraph (7) of subsection (d) of Section 11-74.6-22 of the Industrial
Jobs Recovery Law
that facilitates consistent
reporting among the reporting municipalities. The Comptroller may allow these
reports to be filed electronically and may display the report, or portions of
the report, electronically via the Internet. All reports filed under this
Section must be made available for examination and copying by the public at all
reasonable times. A Tax Increment Financing Report must be filed electronically with the Comptroller within 180 days after the close of the municipal fiscal year or as soon thereafter as the audit for the redevelopment
project area for that fiscal year becomes available. If the Tax Increment Finance administrator provides the Comptroller's office with sufficient evidence that the report is in the process of being completed by an auditor, the Comptroller may grant an extension. If the required report is not filed within
the
time extended by the Comptroller, the Comptroller shall notify the corporate authorities of that municipality that the audit report is past due. The Comptroller may charge a municipality a fee of $5 per day for the first 15 days past due, $10 per day for 16 through 30 days past due, $15 per day for 31 through 45 days past due, and $20 per day for the 46th day and every day thereafter. These amounts may be reduced at the Comptroller's discretion. In the event the required audit report is not filed within 60 days of such notice, the Comptroller shall cause such audit to be made by an auditor or auditors. The Comptroller may decline to order an audit and the preparation of an audit report if an initial examination of the books and records of the municipality indicates that books and records of the municipality are inadequate or unavailable to support the preparation of the audit report or the supplemental report due to the passage of time or the occurrence of a natural disaster. All fees collected pursuant to this Section shall be deposited into the Comptroller's Administrative Fund. In the event the Comptroller causes an audit to be made in accordance with the requirements of this Section, the municipality shall pay to the Comptroller reasonable compensation and expenses to reimburse her for the cost of preparing or completing such report. Moneys paid to the Comptroller pursuant to the preceding sentence shall be deposited into the Comptroller's Audit Expense Revolving Fund.
(Source: P.A. 101-419, eff. 1-1-20; 102-127, eff. 7-23-21.)
|
