Illinois General Assembly - Bill Status for SB0088
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 Bill Status of SB0088  100th General Assembly


Short Description:  PROPERTY TAX-TIF FUND

Senate Sponsors
Sen. Win Stoller

Last Action
DateChamber Action
  4/16/2021SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
35 ILCS 200/18-185
65 ILCS 5/11-74.4-8from Ch. 24, par. 11-74.4-8


Synopsis As Introduced
Amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. Provides that any ordinance adopting tax increment financing on or after the effective date of the amendatory Act shall specify a date for the dissolution of the special tax allocation fund and a date for the termination of the designation of the redevelopment project area. Provides that, within 90 days after the effective date of the amendatory Act, each municipality shall amend all existing tax increment financing ordinances to specify a date for the dissolution of the special tax allocation fund and a date for termination of the designation of the redevelopment project area. Provides that municipalities shall notify affected taxing districts of the termination of redevelopment project areas by July 1 (currently, November 1) of the calendar year in which the redevelopment project area is terminated. Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that, if a municipality has failed to provide timely notice to all taxing bodies of the termination of a redevelopment project area and the county clerk has been notified of that failure, then "recovered tax increment value" means the amount of the current year's equalized assessed value in the first year beginning at least 60 days after the notice has been provided.

Actions 
DateChamber Action
  2/3/2021SenateFiled with Secretary by Sen. Win Stoller
  2/3/2021SenateFirst Reading
  2/3/2021SenateReferred to Assignments
  2/9/2021SenateAssigned to Revenue
  4/16/2021SenateRule 3-9(a) / Re-referred to Assignments

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