HB2673 98TH GENERAL ASSEMBLY

LRB098 08882 OMW 39013 b

98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB2673

Introduced 2/21/2013, by Rep. Joe Sosnowski

SYNOPSIS AS INTRODUCED:

65 ILCS 5/11-74.6-50

Amends the Industrial Jobs Recovery Law in the Illinois Municipal Code. Provides that the Department shall submit to the General Assembly a report regarding established redevelopment project areas on or before January 1, 2015. Provides that the authority granted to municipalities to establish redevelopment project areas and to adopt tax increment allocation financing shall expire on January 1, 2016. Effective immediately.

A BILL FOR

AN ACT concerning local government.

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

Section 5. The Illinois Municipal Code is amended by changing Section 11-74.6-50 as follows:

(65 ILCS 5/11-74.6-50)

Sec. 11-74.6-50. Report; sunset of authority. On or before the date which is 60 months following the date on which this amendatory Act of 1994 becomes law, the Department shall submit to the General Assembly a report detailing the number of redevelopment project areas that have been established, the number and type of jobs created or retained therein, the aggregate amount of tax increment incentives provided, the aggregate amount of private investment produced therein, the amount of tax increment revenue produced and available for expenditure within the tax increment financing districts and such additional information as the Department may determine to be relevant.

On or after January 1, 2012 the authority granted hereunder to municipalities to establish redevelopment project areas and to adopt tax increment allocation financing in connection therewith shall expire unless the General Assembly shall have authorized municipalities to continue to exercise said powers.

On or before January 1, 2015, the Department shall submit to the General Assembly a report detailing the number of redevelopment project areas that have been established, the number and type of jobs created or retained therein, the aggregate amount of tax increment incentives provided, the aggregate amount of private investment produced therein, the amount of tax increment revenue produced and available for expenditure within the tax increment financing districts, and such additional information as the Department may determine to be relevant.

On January 1, 2016, the authority granted hereunder to municipalities to establish redevelopment project areas and to adopt tax increment allocation financing in connection therewith shall expire unless the General Assembly shall have authorized municipalities to continue to exercise said powers.

(Source: P.A. 96-1220, eff. 7-23-10.)

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