92nd General Assembly
Summary of SB1809
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Senate Sponsors:
WEAVER-PARKER-WELCH.

House Sponsors:
HAMOS-MAY-WINTERS-SLONE-COULSON

Short description: 
PROP TX-REAL ESTATE TRANSFER                                               

Synopsis of Bill as introduced:
        Amends the Tax  Increment  Allocation  Redeveloment  Act  in  the      
   Illinois  Municipal  Code.   Makes  a  technical  change  in a Section      
   concerning the issuance of obligations to  provide  for  redevelopment      
   project costs.                                                              
        SENATE AMENDMENT NO. 1.                                                
          Adds reference to:                                                   
          65 ILCS 5/11-74.4-3             from Ch. 24, par. 11-74.4-3          
        Deletes everything after the  enacting  clause.  Amends  the  Tax      
   Increment Allocation Redevelopment Act in the Illinois Municipal Code.      
   Provides that the redevelopment project in the TIF District created by      
   an  ordinance adopted on December 22, 1986 by the City of Tuscola must      
   be completed by December 31 of the 35th  year  (now,  the  23rd  year)      
   after   the  year  in  which  the  ordinance  was  adopted.  Effective      
   immediately.                                                                
        HOUSE AMENDMENT NO. 2.                                                 
          Deletes reference to:                                                
          65 ILCS 5/11-74.4-3                                                  
          65 ILCS 5/11-74.4-7                                                  
          Adds reference to:                                                   
          35 ILCS 200/31-35                                                    
        Deletes  everything  after  the  enacting  clause.   Amends   the      
   Property  Tax  Code.  Changes the distribution of real estate transfer      
   tax proceeds.  Effective July 1, 2003.                                      
 
Last action on Bill: PUBLIC ACT.............................. 92-0874

   Last action date: JAN-03-2003

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   1


   END OF INQUIRY 



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