House Sponsors: LEITCH-SCOTT. Short description: TIF DISTRICTS-DISTRIBUTION Synopsis of Bill as introduced: Amends the Tax Increment Allocation Redevelopment Act in the Municipal Code. Provides that municipalities that issued bonds in connection with a redevelopment project prior to July 29, 1991 and municipalities that entered into contracts in connection with a redevelopment project before June 1, 1988 shall continue to receive their proportional share of the Illinois Tax Increment Fund distribution until the date on which the project is completed or terminated. Provides that if, however, a municipality that issued bonds retires the bonds prior to June 30, 2007 or a municipality that entered into contracts completes the contracts prior to June 30, 2007, and the redevelopment project is not completed or terminated, then the Net State Sales Tax Increment shall be calculated, beginning on the date on which the bonds are retired or the contracts are completed, by a gradually decreasing percentage in the State Fiscal Years 2002 through 2007. Provides that, after all redevelopment project costs are paid, any surplus funds distributed to the Department of Revenue shall be deposited into the Illinois Tax Increment Fund. Provides that a municipality that was authorized to and has extended the estimated dates of completion of the redevelopment project and retirement of obligations to finance redevelopment project costs by municipal ordinance to December 31, 2013 shall continue to receive from the State a share of the Illinois Tax Increment Fund even if the municipality does not deposit any real property tax revenues into the special tax allocation fund during the extension period. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status