Synopsis As Introduced Creates the Local Government Tax Incentive Disclosure Act. Provides that each unit of local government shall report the annual value of any tax incentive granted by the unit of local government as lost revenue on the annual financial report for that unit of local government. Provides that the term "tax incentive" means any property tax abatement granted by a unit of local government or any tax increment financing affecting a unit of local government. Provides that, no later than August 1 of each year, the Department of Commerce and Economic Opportunity shall report to the Governor and the General Assembly the total value of all tax credits awarded by the Department. Effective immediately.
House Committee Amendment No. 1 Provides that units of local government shall report the annual value of any tax incentive granted by the unit of local government as community investment revenue (in the introduced bill, "lost revenue") on its annual financial report.
Senate Floor Amendment No. 1 Replaces everything after the enacting clause. Reinserts the provisions of the engrossed bill with changes. Replaces the term "unit of local government" with "governmental entity". Provides that the term "governmental entity" means a unit of local government, school district, or community college district. Provides that the term "tax incentive" means any property tax abatement or property tax rebate granted by a governmental entity (in the engrossed bill, property tax abatements or tax increment financing). Provides that any governmental entity that enters into a tax incentive agreement shall submit a report by electronic filing to the Department of Revenue within 30 days after the execution of the agreement. Provides that any governmental entity that fails to comply with the filing requirements within 30 days after the execution of the agreement shall be responsible for paying to the Department of Revenue a delinquency penalty of $20 per day for each day during which the report is not filed. Makes other changes. Effective immediately.