Bill Status of HB 571   102nd General Assembly

Short Description:  MUNICIPAL CODE-TIF REPORTING

House Sponsors
Rep. Jonathan Carroll-Michael J. Zalewski-LaToya Greenwood, Michael Halpin, Robyn Gabel, Tony McCombie, Deb Conroy, Blaine Wilhour, Andrew S. Chesney, Maurice A. West, II, Angelica Guerrero-Cuellar and Mark L. Walker

Senate Sponsors
(Sen. Ann Gillespie-Doris Turner-Julie A. Morrison-Laura Fine-Laura M. Murphy, Karina Villa, Meg Loughran Cappel and John Connor)


Last Action  View All Actions

DateChamber Action
  7/23/2021HousePublic Act . . . . . . . . . 102-0127

Statutes Amended In Order of Appearance
65 ILCS 5/8-8-3.5
65 ILCS 5/11-74.4-5from Ch. 24, par. 11-74.4-5
65 ILCS 5/11-74.6-22

Synopsis As Introduced
Amends the Illinois Municipal Code. Provides that a municipality reporting Tax Increment Financing information shall additionally report to the Comptroller: (1) the number of jobs, aspirational or otherwise, if any, projected to be created for each redevelopment project area at the time of approval of the redevelopment agreement; (2) the number of jobs, if any, created as a result of the development under the same guidelines and assumptions as was used for the projections used at the time of approval of the redevelopment agreement to date for that reporting period; (3) the amount of increment projected to be created at the time of approval of the redevelopment agreement for each redevelopment project area; (4) the amount of increment created as a result of the development to date for that reporting period using the same assumptions as was used for the projections used at the time of approval of the redevelopment agreement; and (5) the stated rate of return identified by the developer to the municipality for each redevelopment project area, if any. In provisions requiring a municipality to report an analysis prepared by a financial advisor or underwriter, provides that the advisor or underwriter shall be chosen by the municipality and that analysis shall additionally include actual debt service.

House Committee Amendment No. 1
Replaces everything after the enacting clause. Amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. Provides that the municipality may chose the financial advisor or underwriter who shall prepare an analysis required to be submitted to the Comptroller and taxing districts relating to setting forth the: (i) nature and term of obligation; (ii) projected debt service including required reserves and debt coverage; and (iii) actual debt service (currently, only (i) and (ii) are required). Requires, for Fiscal Year 2022 and each fiscal year thereafter, the following additional items to be included in the report required to be submitted before the annual meeting of the Joint Review Board to the Comptroller and taxing districts: (1) the number of jobs, if any, projected to be created for each redevelopment project area at the time of approval of the redevelopment agreement; (2) the number of jobs, if any, created as a result of the development to date for that reporting period under the same guidelines and assumptions as was used for the projections used at the time of approval of the redevelopment agreement; (3) the amount of increment projected to be created at the time of approval of the redevelopment agreement for each redevelopment project area; (4) the amount of increment created as a result of the development to date for that reporting period using the same assumptions as was used for the projections used at the time of the approval of the redevelopment agreement; and (5) the stated rate of return identified by the developer to the municipality for each redevelopment project area, if any. Stated rates of return required to be reported in item (5) shall be independently verified by a third party chosen by the municipality. Makes other changes. Effective immediately.

Actions 
DateChamber Action
  2/3/2021HouseFiled with the Clerk by Rep. Jonathan Carroll
  2/8/2021HouseFirst Reading
  2/8/2021HouseReferred to Rules Committee
  3/2/2021HouseAssigned to Revenue & Finance Committee
  3/5/2021HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Jonathan Carroll
  3/5/2021HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/11/2021HouseHouse Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee
  3/11/2021HouseTo Property Tax Subcommittee
  3/25/2021HouseRecommends Do Pass Subcommittee/ Revenue & Finance Committee; 006-000-000
  3/25/2021HouseReported Back To Revenue & Finance Committee;
  3/25/2021HouseHouse Committee Amendment No. 1 Adopted in Revenue & Finance Committee; by Voice Vote
  3/25/2021HouseDo Pass as Amended / Short Debate Revenue & Finance Committee; 018-000-000
  4/8/2021HousePlaced on Calendar 2nd Reading - Short Debate
  4/9/2021HouseAdded Co-Sponsor Rep. Michael Halpin
  4/15/2021HouseAdded Co-Sponsor Rep. Robyn Gabel
  4/20/2021HouseAdded Co-Sponsor Rep. Tony McCombie
  4/20/2021HouseAdded Co-Sponsor Rep. Deb Conroy
  4/20/2021HouseAdded Chief Co-Sponsor Rep. Michael J. Zalewski
  4/20/2021HouseAdded Chief Co-Sponsor Rep. LaToya Greenwood
  4/20/2021HouseSecond Reading - Short Debate
  4/20/2021HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/21/2021HouseThird Reading - Short Debate - Passed 114-001-001
  4/21/2021HouseAdded Co-Sponsor Rep. Blaine Wilhour
  4/21/2021HouseAdded Co-Sponsor Rep. Andrew S. Chesney
  4/21/2021HouseAdded Co-Sponsor Rep. Maurice A. West, II
  4/21/2021HouseAdded Co-Sponsor Rep. Angelica Guerrero-Cuellar
  4/21/2021HouseAdded Co-Sponsor Rep. Mark L. Walker
  4/21/2021SenateArrive in Senate
  4/21/2021SenatePlaced on Calendar Order of First Reading April 22, 2021
  4/22/2021SenateChief Senate Sponsor Sen. Ann Gillespie
  4/22/2021SenateFirst Reading
  4/22/2021SenateReferred to Assignments
  4/28/2021SenateAssigned to Revenue
  5/6/2021SenateDo Pass Revenue; 009-000-000
  5/6/2021SenatePlaced on Calendar Order of 2nd Reading May 10, 2021
  5/11/2021SenateAdded as Alternate Chief Co-Sponsor Sen. Doris Turner
  5/13/2021SenateSecond Reading
  5/13/2021SenatePlaced on Calendar Order of 3rd Reading May 14, 2021
  5/18/2021SenateAdded as Alternate Chief Co-Sponsor Sen. Julie A. Morrison
  5/18/2021SenateAdded as Alternate Chief Co-Sponsor Sen. Laura Fine
  5/18/2021SenateAdded as Alternate Chief Co-Sponsor Sen. Laura M. Murphy
  5/28/2021SenateAdded as Alternate Co-Sponsor Sen. Karina Villa
  5/28/2021SenateThird Reading - Passed; 056-000-000
  5/28/2021HousePassed Both Houses
  5/28/2021SenateAdded as Alternate Co-Sponsor Sen. Meg Loughran Cappel
  5/28/2021SenateAdded as Alternate Co-Sponsor Sen. John Connor
  6/25/2021HouseSent to the Governor
  7/23/2021HouseGovernor Approved
  7/23/2021HouseEffective Date July 23, 2021
  7/23/2021HousePublic Act . . . . . . . . . 102-0127

Back To Top