Illinois General Assembly - Full Text of Public Act 095-0227
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Public Act 095-0227


 

Public Act 0227 95TH GENERAL ASSEMBLY



 


 
Public Act 095-0227
 
HB3434 Enrolled LRB095 11434 BDD 32315 b

    AN ACT concerning State government.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Department of Revenue Law of the Civil
Administrative Code of Illinois is amended by adding Section
2505-555 as follows:
 
    (20 ILCS 2505/2505-555 new)
    Sec. 2505-555. Study concerning tax increment financing
information on tax bills.
    (a) The Department must conduct a study to determine the
feasibility for each county to include, on the property tax
bills for each taxpayer in that county, information concerning
any tax increment financing project that affects the taxpayer.
    (b) The information on a taxpayer's property tax bill must
include, for each tax increment financing project that affects
the taxpayer:
        (1) a description of the project;
        (2) a statement of initial total equalized assessed
    value of the property in the project area before the tax
    increment financing;
        (3) a statement of the current total equalized assessed
    value of the property in the project area;
        (4) a statement of the impact of the tax increment
    financing on each tax rate for each affected taxing
    district; and
        (5) projections for future impacts of the tax increment
    financing on each tax rate for each affected taxing
    district.
    (c) The study under this Section must include an analysis
of any obstacles that a county will face in including the
information on property tax bills and identify any possible
solutions to those obstacles.
    (d) No later than April 1, 2008, the Department must submit
a report to the Governor and the General Assembly concerning
the study under this Section.
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/16/2007