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(20 ILCS 2505/2505-800)
(Section scheduled to be repealed on July 1, 2019)
Tax Increment Financing Reform Task Force.
(a) There is hereby created the Tax Increment Financing Reform Task Force which shall consist of the following members:
(1) 3 members of the General Assembly, appointed by
the President of the Senate;
(2) 3 members of the General Assembly, appointed by
the Minority Leader of the Senate;
(3) 3 members of the General Assembly, appointed by
the Speaker of the House of Representatives; and
(4) 3 members of the General Assembly, appointed by
the Minority Leader of the House of Representatives.
(b) The members of the Task Force shall elect one co-chair from each legislative caucus, who shall call meetings of the Task Force to order. The Task Force shall hold an initial meeting within 60 days after the effective date of this amendatory Act of the 100th General Assembly.
(c) The Task Force shall conduct a study examining current Tax Increment Financing (TIF) laws in this State and issues that include, but are not limited to:
(1) the benefits and costs of TIF districts;
(2) the interaction between TIF law and school
(3) the expenditure of TIF funds; and
(4) the expenditure of TIF surplus funds.
(d) The Task Force shall report the findings of the study and any recommendations to the General Assembly on or before June 1, 2018, at which time the Task Force shall be dissolved.
(e) The Department of Revenue shall provide staff and administrative support to the Task Force, and shall post on its website the report under subsection (d) of this Section.
(f) The Task Force is exempt from any requirements under the Freedom of Information Act and Open Meetings Act.
(g) The General Assembly finds and declares that this amendatory Act of the 100th General Assembly manifests the intention of the General Assembly to extend the repeal of this Act and have this Act continue in effect until July 1, 2019.
This Section shall be deemed to have been in continuous effect since August 31, 2017 (the effective date of Public Act 100-465) and it shall continue to be in effect until July 1, 2019. All previously enacted amendments to this Act taking effect on or after August 31, 2017, are hereby validated. All actions taken in reliance on this Section by the Task Force are hereby validated.
In order to ensure the continuing effectiveness of this Section, it is set forth in full and reenacted by this amendatory Act of the 100th General Assembly. Striking and underscoring are used only to show changes being made to the base text. This reenactment is intended as a continuation of this Section.
(h) This Section is repealed on July 1, 2019.
(Source: P.A. 100-465, eff. 8-31-17; reenacted by P.A. 100-836, eff. 8-13-18.)