95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB3434


 
Introduced 2/27/2007, by Rep. Luis Arroyo
 
SYNOPSIS AS INTRODUCED:
 		













20 ILCS 2505/2505-555 new










    Amends the Department of Revenue Law of the
Civil Administrative Code of Illinois. Requires the Department of Revenue to 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. Sets forth the information to be included on the tax bill. Requires the Department to submit a report to the Governor and the General Assembly no later than April 1, 2008, concerning the study. Effective immediately.
















LRB095 11434 BDD 32315 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB3434

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
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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.