92nd General Assembly
Summary of HB0486
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House Sponsors:

Short description: 
TIF DISTRICTS-DISTRIBUTION                                                 

Synopsis of Bill as introduced:
        Amends the Tax Increment  Allocation  Redevelopment  Act  in  the      
   Municipal  Code.  Provides  that  municipalities  that issued bonds in      
   connection with a redevelopment project prior to  July  29,  1991  and      
   municipalities  that  entered  into  contracts  in  connection  with a      
   redevelopment project before June 1, 1988 shall  continue  to  receive      
   their   proportional   share   of  the  Illinois  Tax  Increment  Fund      
   distribution until the date on  which  the  project  is  completed  or      
   terminated.   Provides  that  if,  however, a municipality that issued      
   bonds retires the bonds prior to June 30, 2007 or a municipality  that      
   entered into contracts completes the contracts prior to June 30, 2007,      
   and the redevelopment project is not completed or terminated, then the      
   Net  State  Sales  Tax Increment shall be calculated, beginning on the      
   date on which the bonds are retired or the contracts are completed, by      
   a gradually decreasing percentage  in  the  State  Fiscal  Years  2002      
   through 2007. Provides that, after all redevelopment project costs are      
   paid, any surplus funds distributed to the Department of Revenue shall      
   be  deposited  into  the  Illinois Tax Increment Fund. Provides that a      
   municipality that was authorized to and  has  extended  the  estimated      
   dates  of  completion  of  the redevelopment project and retirement of      
   obligations  to  finance  redevelopment  project  costs  by  municipal      
   ordinance to December 31, 2013 shall  continue  to  receive  from  the      
   State  a  share  of  the  Illinois  Tax  Increment  Fund  even  if the      
   municipality does not deposit any real property tax revenues into  the      
   special  tax  allocation  fund during the extension period.  Effective      
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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