Public Act 0227 95TH GENERAL ASSEMBLY

HB3434 Enrolled LRB095 11434 BDD 32315 b

Public Act 095-0227

AN ACT concerning State government.

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

Section 5. The Department of Revenue Law of the Civil Administrative Code of Illinois is amended by adding Section 2505-555 as follows:

(20 ILCS 2505/2505-555 new)

Sec. 2505-555. Study concerning tax increment financing information on tax bills.

(a) The Department must conduct a study to determine the feasibility for each county to include, on the property tax bills for each taxpayer in that county, information concerning any tax increment financing project that affects the taxpayer.

(b) The information on a taxpayer's property tax bill must include, for each tax increment financing project that affects the taxpayer:

(1) a description of the project;

(2) a statement of initial total equalized assessed value of the property in the project area before the tax increment financing;

(3) a statement of the current total equalized assessed value of the property in the project area;

(4) a statement of the impact of the tax increment financing on each tax rate for each affected taxing district; and

(5) projections for future impacts of the tax increment financing on each tax rate for each affected taxing district.

(c) The study under this Section must include an analysis of any obstacles that a county will face in including the information on property tax bills and identify any possible solutions to those obstacles.

(d) No later than April 1, 2008, the Department must submit a report to the Governor and the General Assembly concerning the study under this Section.

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

Effective Date: 8/16/2007