Illinois General Assembly - Bill Status for SB2880
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 Bill Status of SB2880  97th General Assembly


Short Description:  TIF-BLIGHT AND UTILIZE REVENUE

Senate Sponsors
Sen. John F. Curran and Dale A. Righter

Last Action
DateChamber Action
  4/27/2018SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
65 ILCS 5/11-74.4-3from Ch. 24, par. 11-74.4-3
65 ILCS 5/11-74.4-3.1
65 ILCS 5/11-74.4-4from Ch. 24, par. 11-74.4-4
65 ILCS 5/11-74.4-4.3 new


Synopsis As Introduced
Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that for redevelopment project areas created on and after the effective date of the amendatory Act, "blighted areas" must have a household median income of 100% or less of the area median income, as defined by the U.S. Department of Housing and Urban Development, in addition to the other requirements for "blighted areas". Provides that on or after January 1, 2019, tax increment revenues may be utilized for jointly undertaken and performed redevelopment projects only in an amount equal to the percentage of eligible costs undertaken within the redevelopment project area that received the revenue. Provides that tax increment revenues received in one redevelopment project area may not be used for eligible costs in another redevelopment project area on or after January 1, 2019 and tax increment revenues may not be transferred to another redevelopment project area on or after January 1, 2019. Provides that if there are any contracts or agreements in force on the effective date of the amendatory Act, tax increment revenues may continue to be used or transferred to another redevelopment project area or utilized for jointly undertaken and performed redevelopment projects after January 1, 2019 only to the extent necessary to comply with the contract or agreement.

Actions 
DateChamber Action
  2/14/2018SenateFiled with Secretary by Sen. John F. Curran
  2/14/2018SenateFirst Reading
  2/14/2018SenateReferred to Assignments
  2/21/2018SenateAssigned to Revenue
  3/14/2018SenateAdded as Co-Sponsor Sen. Dale A. Righter
  4/13/2018SenateRule 2-10 Committee Deadline Established As April 27, 2018
  4/27/2018SenateRule 3-9(a) / Re-referred to Assignments

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