HB4768eng 95TH GENERAL ASSEMBLY

HB4768 Engrossed LRB095 17020 HLH 43068 b

AN ACT concerning local government.

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

Section 5. The Illinois Municipal Code is amended by adding Section 8-1-19 as follows:

(65 ILCS 5/8-1-19 new)

Sec. 8-1-19. Tax sharing agreements. Notwithstanding any other provision of law, the corporate authorities of 2 adjacent municipalities may, by intergovernmental agreement, divide between them by a mutually agreeable mathematical formula any revenue generated from retailers' occupation taxes imposed by one or both of the municipalities. The agreement may be in effect for any length of time determined by the municipalities. The agreement must be ratified by the corporate authorities of both municipalities after a public hearing. No agreement under this Section is valid unless notice of the public hearing is posted in a newspaper of general circulation within the municipality or on a website maintained by the municipality not less than 30 days nor more than 60 days prior to the hearing.

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