HB3434 Engrossed

LRB095 11434 BDD 32315 b






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    AN ACT concerning State government.

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


 
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    Section 5. The Department of Revenue Law of the
Civil 
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Administrative Code of Illinois is amended  by adding Section 
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2505-555 as follows:
 
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    (20 ILCS 2505/2505-555  new)
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    Sec. 2505-555. Study concerning tax increment financing 
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information on tax bills.
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    (a) The Department must conduct a study to determine the 
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feasibility for each county to include, on the property tax 
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bills for each taxpayer in that county, information concerning 
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any tax increment financing project that affects the taxpayer.
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    (b) The information on a taxpayer's property tax bill must 
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include, for each tax increment financing project that affects 
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the taxpayer:
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        (1) a description of the project;
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        (2) a statement of initial total equalized assessed 
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    value of the property in the project area before the tax 
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    increment financing;
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        (3) a statement of the current total equalized assessed 
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    value of the property in the project area;

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        (4) a statement of the impact of the tax increment 
 


 






HB3434 Engrossed
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LRB095 11434 BDD 32315 b




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    financing on each tax rate for each affected taxing 
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    district; and
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        (5) projections for future impacts of the tax increment 
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    financing on each tax rate for each affected taxing 
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    district.
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    (c) The study under this Section must include an analysis 
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of any obstacles that a county will face in including the 
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information on property tax bills and identify any possible 
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solutions to those obstacles.
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    (d) No later than April 1, 2008, the Department must submit 
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a report to the Governor and the General Assembly concerning 
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the study under this Section.

 

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