92nd General Assembly
Status of HB0487
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   65 ILCS 5/11-74.4-3       from Ch. 24, par. 11-74.4-3                       
   65 ILCS 5/11-74.4-8a      from Ch. 24, par. 11-74.4-8a                      

        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 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.                                                      
        HOUSE AMENDMENT NO. 1.                                                 
          Deletes reference to:                                                
          65 ILCS 5/11-74.4-3                                                  
          65 ILCS 5/11-74.4-8a                                                 
          Adds reference to:                                                   
          65 ILCS 5/11-74.4-1             from Ch. 24, par. 11-74.4-1          
        Deletes  everything.   Amends  the   Tax   Increment   Allocation      
   Redevelopment  Act  in  the  Illinois Municipal Code.  Makes technical      
   changes in a Section concerning the short title.                            
   JAN-31-2001  H  FILED WITH CLERK                                               
   JAN-31-2001  H  ADDED AS A JOINT SPONSOR                 SCOTT                 
   JAN-31-2001  H  FIRST READING                                                  
   JAN-31-2001  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   FEB-06-2001  H       ASSIGNED TO COMMITTEE               REVENUE               
   MAR-16-2001  H                             AMENDMENT NO. 01-REVENUE       H    
   MAR-16-2001  H                                   ADOPTED                       
   MAR-16-2001  H  DO PASS AMENDED/SHORT DEBATE             011-000-000   HREV    
   MAR-16-2001  H  PLACED CALENDAR 2ND READING-SHORT DEBATE                       
   APR-04-2001  H  SECOND READING-SHORT DEBATE                                    
   APR-04-2001  H  HELD ON CAL ORDER 2ND RDG - SHORT DEBATE                       
   APR-06-2001  H  RE-REFERRED TO RULES COMM/RULE 19(A)     RULES         HRUL    
   JAN-07-2003  H  SESSION SINE DIE                                               


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