Sen. Daniel Biss
Filed: 5/27/2016
 
 

 

 

 
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1
AMENDMENT TO HOUSE BILL 3760 




2    AMENDMENT NO. ______. Amend House Bill 3760 by replacing 
3everything after the enacting clause with the following:


 
 
4    "Section 1. Short title. This Act may be cited as the Local 
5Government Tax Incentive Disclosure Act.
 
6    Section 5. Definitions.  As used in this Act:
7    "Department" means the Department of Commerce and Economic 
8Opportunity.
9    "Governmental entity" means any unit of local government, 
10as defined in Section 1 of Article VII of the Illinois 
11Constitution, any school district, and any community college 
12district.
13    "Tax incentive" means any property tax abatement or 
14property tax rebate granted by a governmental entity.
 
15    Section 10. Tax incentive reports.  On or after January 1, 
 
 
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12017, any governmental entity that enters into an agreement to 
2abate or rebate any portion of its property taxes shall submit 
3a report by electronic filing to the Department of Revenue 
4within 30 days after the execution of the agreement.  No such 
5agreement entered into after January 1, 2017 is valid until the 
6governmental entity entering into the agreement complies with 
7the requirements set forth in this Section.  Any governmental 
8entity that fails to comply with the filing requirements within 
930 days after the execution of the agreement shall be 
10responsible for paying to the Department of Revenue a 
11delinquency penalty of $20 per day for each day the 
12governmental entity fails to submit a report by electronic 
13filing to the Department of Revenue.  The Department of Revenue 
14may adopt rules to implement and administer these filings and 
15penalties.
16    The report shall be made on a form to be supplied by the 
17Department of Revenue and shall have attached to it an executed 
18copy of the agreement.  An updated report must be filed by the 
19governmental entity within 30 days after the execution of any 
20amendment made to an agreement.
21    All reports, including an executed copy of the agreement, 
22required to be filed with the Department of Revenue shall be 
23posted on the Department's website on a monthly basis.
 
24    Section 15. Department reports.  Notwithstanding any other 
25provision of law, no later than August 1 of each year, the 
 
 
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1Department shall report to the Governor and the General 
2Assembly the total value of all tax credits awarded by the 
3Department, including, but not limited to, credits awarded 
4under the Economic Development for a Growing Economy Tax Credit 
5Act.
 
 
6    Section 99. Effective date. This Act takes effect upon 
7becoming law.".