Illinois General Assembly - Bill Status for HB1575

Amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. Prohibits new redevelopment project areas from being designated if the equalized assessed value of all property in the redevelopment project area plus the total current equalized assessed value of all property located in the municipality and subject to tax increment financing exceeds 10% of the total equalized assessed value of all property located in the municipality. Provides that all accumulated tax incremental revenues not specifically appropriated for defined costs for projects within a redevelopment project area by the end of a municipality's fiscal year shall be deemed "surplus" funds and shall be distributed to taxing districts. Changes the definition of "blighted area" to include a requirement that redevelopment is unlikely to happen in area in the absence of tax increment financing. Contains provisions allowing taxing districts to opt-out of redevelopment projects. Requires all redevelopment project areas to be approved by a majority vote of each county board and the governing authorities affected taxing districts that have not elected to opt out. Contains provisions authorizing intergovernmental agreements related to taxes and fees collected from within a redevelopment project area. Amends the Economic Development Area Tax Increment Allocation Act, the County Economic Development Project Area Property Tax Allocation Act, and the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code to provide that the initial equalized assessed value of property shall be indexed for inflation. Contains other provisions. Effective immediately.

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