Bill Status of HB1988 102nd General Assembly
Short Description: TIF-INCREASED EAV-% TO SCHOOLS
Rep. Stephanie A. Kifowit
| 3/27/2021||House||Rule 19(a) / Re-referred to Rules Committee|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that, after the effective date of the amendatory Act, the municipal treasurer shall pay: (i) 25% of the money attributable to the increase in the current equalized assessed valuation of each taxable lot, block, tract, or parcel of real property in a redevelopment project area directly to school districts within the redevelopment project area in proportion to the percent of that amount that each school district would have received if there was no redevelopment project area; and (ii) the remaining 75% into the special tax allocation fund for the purpose of paying redevelopment project costs and obligations incurred in the payment thereof. Provides that, for redevelopment project areas established after the effective date of the amendatory Act, a school district within a proposed redevelopment project area may negotiate an additional percentage of money for the school district.