HB6688 93RD GENERAL ASSEMBLY

LRB093 19055 MKM 44790 b

93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB6688

Introduced 02/09/04, by Joe Dunn

SYNOPSIS AS INTRODUCED:

65 ILCS 5/8d new

Amends the Illinois Municipal Code. Provides that, notwithstanding any provision of the Tax Increment Allocation Redevelopment Act to the contrary, when a school district passes an ordinance to increase property taxes, the revenue generated by the percentage rate increase, even in a redevelopment project area, must be paid to the school district. Effective immediately.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning taxes.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Municipal Code is amended by adding Section 8d as follows:

(65 ILCS 5/8d new)

Sec. 8d. School district rate increase. Notwithstanding any provision of this Division to the contrary, when a school district passes an ordinance to increase property taxes, the revenue generated by the percentage rate increase, even in a redevelopment project area, must be paid to the school district.

Section 99. Effective date. This Act takes effect upon becoming law.