93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB6583


 
Introduced 02/09/04, by Jim Sacia
 
SYNOPSIS AS INTRODUCED:
 		














55 ILCS 90/40
  from Ch. 34, par. 8040







    Amends the County Economic Development Project Area Tax Increment
Allocation Act. Provides that a county may be authorized under the  County Economic Development Project Area Tax Increment
Allocation Act to establish economic development project areas and to adopt tax increment allocation financing for those areas within 20 months following the effective date of the amendatory Act (the previous authorization expired 20 months after May 7, 1991, the effective date of the Act). Effective immediately.
















LRB093 18627 MKM 44352 b

















 


 


A BILL FOR









 











HB6583

LRB093 18627 MKM 44352 b






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    AN ACT concerning counties.

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


 
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    Section 5. The County Economic Development Project Area Tax 
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Increment
Allocation Act of 1991 is amended  by changing Section 
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40 as follows:
 



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    (55 ILCS 90/40)  (from Ch. 34, par. 8040)



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    Sec. 40. Limitation on number of economic development 
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project areas. No
county shall be authorized under this Act to 
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establish economic development
project areas and to adopt tax 
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increment allocation financing for those
areas later than 20 
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months following the effective date of this Act. A county may, 
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however, be authorized under this Act to establish economic 
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development project areas and to adopt tax increment allocation 
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financing for those areas within 20 months following the 
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effective date of this amendatory Act of the 93rd General 
17
Assembly.


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(Source: P.A. 87-1.)

 

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