98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB2673
 
Introduced 2/21/2013, by Rep. Joe Sosnowski
 
SYNOPSIS AS INTRODUCED:
 

 
65 ILCS 5/11-74.6-50

     Amends the Industrial Jobs Recovery Law in the Illinois Municipal Code. Provides that the Department shall submit to the
General Assembly a
report regarding established redevelopment project areas on or before January 1, 2015. Provides that the authority granted to municipalities to establish redevelopment project areas and to adopt tax increment allocation financing shall expire on January 1, 2016. Effective immediately.
  


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A BILL FOR
 

  
HB2673LRB098 08882 OMW 39013 b


  
1    AN ACT concerning local government.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  


 
4    Section 5. The Illinois Municipal Code is amended  by 
5changing Section 11-74.6-50 as follows:
 
6    (65 ILCS 5/11-74.6-50)
7    Sec. 11-74.6-50. Report; sunset of authority. On or before 
8the date which is 60 months following the
date
on which
this 
9amendatory Act of 1994 becomes law, the Department shall submit 
10to the
General Assembly a
report detailing the number of 
11redevelopment project areas that have been
established, the 
12number and type of jobs created or retained
therein, the 
13aggregate amount of tax increment incentives provided, the

14aggregate amount of private investment produced therein, the 
15amount of tax
increment revenue produced and available for 
16expenditure within the tax
increment financing districts  and 
17such additional
information
as the Department may determine to 
18be relevant. 
19    On or after January 1, 2012 the authority
granted hereunder 
20to municipalities to establish redevelopment
project areas and 
21to adopt tax increment allocation financing in connection

22therewith
shall expire unless the General Assembly shall have

23authorized municipalities to continue to exercise said
powers.
 
 
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1    On or before January 1, 2015, the Department shall submit 
2to the
General Assembly a
report detailing the number of 
3redevelopment project areas that have been
established, the 
4number and type of jobs created or retained
therein, the 
5aggregate amount of tax increment incentives provided, the

6aggregate amount of private investment produced therein, the 
7amount of tax
increment revenue produced and available for 
8expenditure within the tax
increment financing districts,  and 
9such additional
information
as the Department may determine to 
10be relevant.
11    On January 1, 2016, the authority
granted hereunder to 
12municipalities to establish redevelopment
project areas and to 
13adopt tax increment allocation financing in connection

14therewith
shall expire unless the General Assembly shall have

15authorized municipalities to continue to exercise said
powers. 
16(Source: P.A. 96-1220, eff. 7-23-10.)
 

17    Section 99. Effective date. This Act takes effect upon 
18becoming law.