HB 3327

Abstract

Amends the Tax Increment Allocation Redevelopment Act and the Industrial Jobs Recovery Law in the Illinois Municipal Code. Provides that the report required to be sent by the municipality concerning its tax increment financing district or districts to the Comptroller shall be sent instead to the Department of Commerce and Community Affairs (DCCA). Provides that DCCA shall annually evaluate tax increment financing districts in Illinois using a cost-benefit analysis. For each tax increment financing district, DCCA shall determine the increase in the assessed value of property in the district from the time the district was formed up to the date of the most recent report filed by the municipality and the amount of tax revenue foregone by each taxing district in which the tax increment financing district is located. Provides that DCCA shall determine, for all tax increment financing districts combined, the level of tax revenue generated within the districts at the time the district was formed and the tax revenue generated in the districts at the time of the most recent reports submitted by the municipality. Requires DCCA to submit a report of this analysis to the municipality in which the tax increment financing district is located and to each taxing body affected by the tax increment financing district. Effective immediately.