Illinois General Assembly - Bill Status for HB5581

Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that after July 1, 2018, a municipality may not adopt or amend a redevelopment plan or extend the life of a redevelopment project area unless each school district and community college district with territory inside the proposed redevelopment project area agrees to be subject to the redevelopment plan by a resolution adopted by a majority of each board. Provides that if a municipality adopts or amends a redevelopment plan or extends the life of a redevelopment project area in without each school district or community college district adopting a resolution agreeing to the change, the portion of ad valorem taxes arising from the levies upon taxable real property in the redevelopment project area attributable to each school district or community college district that did not adopt the resolution may not be taken or used for any purpose under the Tax Increment Allocation Redevelopment Act. Effective immediately.

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