HB 4712

Select Language
  ×
The Illinois General Assembly offers the Google Translate™ service for visitor convenience. In no way should it be considered accurate as to the translation of any content herein.
Visitors of the Illinois General Assembly website are encouraged to use other translation services available on the internet.
The English language version is always the official and authoritative version of this website.
NOTE: To return to the original English language version, select the "Show Original" button on the Google Translate™ menu bar at the top of the window.
  Choose Language
  English
  Afrikaans
  Albanian
  Arabic
  Armenian
  Azerbaijani
  Basque
  Bengali
  Bosnian
  Catalan
  Croatian
  Czech
  Danish
  Dutch
  Esperanto
  Estonian
  Filipino
  Finnish
  French
  Galician
  Georgian
  German
  Greek
  Gujarati
  Haitian Creole
  Hausa
  Hawaiian
  Hebrew
  Hindi
  Hungarian
  Icelandic
  Indonesian
  Interlingua
  Interlingue
  Inuktitut
  Irish
  Italian
  Japanese
  Javanese
  Kannada
  Khmer
  Korean
  Latin
  Latvian
  Lithuanian
  Luxembourgish
  Macedonian
  Malagasy
  Malayalam
  Maltese
  Maori
  Marathi
  Myanmar
  Nepali
  Norwegian
  Odia
  Pashto
  Punjabi
  Romanian
  Russian
  Samoan
  Sango
  Sanskrit
  Sardinian
  Sindhi
  Sinhala
  Slovak
  Slovenian
  Somali
  Southern Sotho
  Spanish
  Sundanese
  Swahili
  Swedish
  Tamil
  Telugu
  Thai
  Tigrinya
  Tonga
  Turkish
  Ukrainian
  Urdu
  Vietnamese
  Welsh
  Xhosa
  Yiddish
  Yoruba
  Zulu
  Powered by Translate
  Close
Illinois General Assembly
Top Navigation Bar
  Translate
  Learn
  Select General Assembly
  Search the 104th General Assembly
  Enter search terms for legislation, members, committees, or schedules.
  ILGA.GOV
Mobile Top Bar
  Search the 104th General Assembly
  Enter keywords to search the Illinois General Assembly website.
Full Text of HB4712
Home
Legislation
Full Text
	HB4712 - 104th General Assembly
		Bill Status
		Full Text
		Votes
		Witness Slips
	Select Menu
	Bill Status
	Full Text
	Votes
	Witness Slips
	Printer Friendly Version
			Introduced
		Printer Friendly Version
		Introduced
			 Open PDF
104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB4712
Introduced , by Rep. Robert "Bob" Rita
SYNOPSIS AS INTRODUCED:
65 ILCS 5/11-74.4-7	  from Ch. 24, par. 11-74.4-7
65 ILCS 5/11-74.4-8	  from Ch. 24, par. 11-74.4-8
Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that not more than 5% of all surplus funds in the special tax allocation fund may be distributed. Provides that surplus funds in the special tax allocation fund may be distributed not more than once every 10 years (rather than annually). Provides that, if the termination date for a redevelopment project area is extended beyond the 23rd calendar year after the year in which the ordinance approving the redevelopment project area was adopted, then following the 23rd calendar year, no surplus funds may be distributed until the redevelopment project area is terminated. Effective immediately.
LRB104 18094 RTM 31533 b
A BILL FOR
		HB4712		LRB104 18094 RTM 31533 b
1    AN ACT concerning local government.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Illinois Municipal Code is amended by
5changing Sections 11-74.4-7 and 11-74.4-8 as follows:
6    (65 ILCS 5/11-74.4-7)  (from Ch. 24, par. 11-74.4-7)
7    Sec. 11-74.4-7. Obligations secured by the special tax
8allocation fund set forth in Section 11-74.4-8 for the
9redevelopment project area may be issued to provide for
10redevelopment project costs. Such obligations, when so issued,
11shall be retired in the manner provided in the ordinance
12authorizing the issuance of such obligations by the receipts
13of taxes levied as specified in Section 11-74.4-9 against the
14taxable property included in the area, by revenues as
15specified by Section 11-74.4-8a and other revenue designated
16by the municipality. A municipality may in the ordinance
17pledge all or any part of the funds in and to be deposited in
18the special tax allocation fund created pursuant to Section
1911-74.4-8 to the payment of the redevelopment project costs
20and obligations. Any pledge of funds in the special tax
21allocation fund shall provide for distribution to the taxing
22districts and to the Illinois Department of Revenue of moneys
23not required, pledged, earmarked, or otherwise designated for
		HB4712	- 2 -	LRB104 18094 RTM 31533 b
1payment and securing of the obligations and anticipated
2redevelopment project costs and such excess funds shall be
3calculated annually and deemed to be "surplus" funds. In the
4event a municipality only applies or pledges a portion of the
5funds in the special tax allocation fund for the payment or
6securing of anticipated redevelopment project costs or of
7obligations, any such funds remaining in the special tax
8allocation fund after complying with the requirements of the
9application or pledge, shall also be calculated annually and
10deemed "surplus" funds. Notwithstanding this Section, not more 
11than 5% of all [All] surplus funds in the special tax allocation
12fund may [shall] be distributed not more than once every 10 
13years, with the funds to be distributed [annually] within 180
14days after the close of the municipality's fiscal year by
15being paid by the municipal treasurer to the County Collector,
16to the Department of Revenue and to the municipality in direct
17proportion to the tax incremental revenue received as a result
18of an increase in the equalized assessed value of property in
19the redevelopment project area, tax incremental revenue
20received from the State and tax incremental revenue received
21from the municipality, but not to exceed as to each such source
22the total incremental revenue received from that source. The
23County Collector shall thereafter make distribution to the
24respective taxing districts in the same manner and proportion
25as the most recent distribution by the county collector to the
26affected districts of real property taxes from real property
		HB4712	- 3 -	LRB104 18094 RTM 31533 b
1in the redevelopment project area. If the termination date for 
2the redevelopment project area is extended beyond the 23rd 
3calendar year after the year in which the ordinance approving 
4the redevelopment project area was adopted, then following the 
523rd calendar year, no surplus funds may be distributed until 
6the redevelopment project area is terminated.
7    Without limiting the foregoing in this Section, the
8municipality may in addition to obligations secured by the
9special tax allocation fund pledge for a period not greater
10than the term of the obligations towards payment of such
11obligations any part or any combination of the following: (a)
12net revenues of all or part of any redevelopment project; (b)
13taxes levied and collected on any or all property in the
14municipality; (c) the full faith and credit of the
15municipality; (d) a mortgage on part or all of the
16redevelopment project; (d-5) repayment of bonds issued
17pursuant to subsection (p-130) of Section 19-1 of the School
18Code; or (e) any other taxes or anticipated receipts that the
19municipality may lawfully pledge.
20    Such obligations may be issued in one or more series
21bearing interest at such rate or rates as the corporate
22authorities of the municipality shall determine by ordinance.
23Such obligations shall bear such date or dates, mature at such
24time or times not exceeding 20 years from their respective
25dates, be in such denomination, carry such registration
26privileges, be executed in such manner, be payable in such
		HB4712	- 4 -	LRB104 18094 RTM 31533 b
1medium of payment at such place or places, contain such
2covenants, terms and conditions, and be subject to redemption
3as such ordinance shall provide. Obligations issued pursuant
4to this Act may be sold at public or private sale at such price
5as shall be determined by the corporate authorities of the
6municipalities. No referendum approval of the electors shall
7be required as a condition to the issuance of obligations
8pursuant to this Division except as provided in this Section.
9    In the event the municipality authorizes issuance of
10obligations pursuant to the authority of this Division secured
11by the full faith and credit of the municipality, which
12obligations are other than obligations which may be issued
13under home rule powers provided by Article VII, Section 6 of
14the Illinois Constitution, or pledges taxes pursuant to (b) or
15(c) of the second paragraph of this section, the ordinance
16authorizing the issuance of such obligations or pledging such
17taxes shall be published within 10 days after such ordinance
18has been passed in one or more newspapers, with general
19circulation within such municipality. The publication of the
20ordinance shall be accompanied by a notice of (1) the specific
21number of voters required to sign a petition requesting the
22question of the issuance of such obligations or pledging taxes
23to be submitted to the electors; (2) the time in which such
24petition must be filed; and (3) the date of the prospective
25referendum. The municipal clerk shall provide a petition form
26to any individual requesting one.
		HB4712	- 5 -	LRB104 18094 RTM 31533 b
1    If no petition is filed with the municipal clerk, as
2hereinafter provided in this Section, within 30 days after the
3publication of the ordinance, the ordinance shall be in
4effect. But, if within that 30 day period a petition is filed
5with the municipal clerk, signed by electors in the
6municipality numbering 10% or more of the number of registered
7voters in the municipality, asking that the question of
8issuing obligations using full faith and credit of the
9municipality as security for the cost of paying for
10redevelopment project costs, or of pledging taxes for the
11payment of such obligations, or both, be submitted to the
12electors of the municipality, the corporate authorities of the
13municipality shall call a special election in the manner
14provided by law to vote upon that question, or, if a general,
15State or municipal election is to be held within a period of
16not less than 30 or more than 90 days from the date such
17petition is filed, shall submit the question at the next
18general, State or municipal election. If it appears upon the
19canvass of the election by the corporate authorities that a
20majority of electors voting upon the question voted in favor
21thereof, the ordinance shall be in effect, but if a majority of
22the electors voting upon the question are not in favor
23thereof, the ordinance shall not take effect.
24    The ordinance authorizing the obligations may provide that
25the obligations shall contain a recital that they are issued
26pursuant to this Division, which recital shall be conclusive
		HB4712	- 6 -	LRB104 18094 RTM 31533 b
1evidence of their validity and of the regularity of their
2issuance.
3    In the event the municipality authorizes issuance of
4obligations pursuant to this Section secured by the full faith
5and credit of the municipality, the ordinance authorizing the
6obligations may provide for the levy and collection of a
7direct annual tax upon all taxable property within the
8municipality sufficient to pay the principal thereof and
9interest thereon as it matures, which levy may be in addition
10to and exclusive of the maximum of all other taxes authorized
11to be levied by the municipality, which levy, however, shall
12be abated to the extent that monies from other sources are
13available for payment of the obligations and the municipality
14certifies the amount of said monies available to the county
15clerk.
16    A certified copy of such ordinance shall be filed with the
17county clerk of each county in which any portion of the
18municipality is situated, and shall constitute the authority
19for the extension and collection of the taxes to be deposited
20in the special tax allocation fund.
21    A municipality may also issue its obligations to refund in
22whole or in part, obligations theretofore issued by such
23municipality under the authority of this Act, whether at or
24prior to maturity, provided however, that the last maturity of
25the refunding obligations may not be later than the dates set
26forth under Section 11-74.4-3.5.
		HB4712	- 7 -	LRB104 18094 RTM 31533 b
1    In the event a municipality issues obligations under home
2rule powers or other legislative authority the proceeds of
3which are pledged to pay for redevelopment project costs, the
4municipality may, if it has followed the procedures in
5conformance with this division, retire said obligations from
6funds in the special tax allocation fund in amounts and in such
7manner as if such obligations had been issued pursuant to the
8provisions of this division.
9    All obligations heretofore or hereafter issued pursuant to
10this Act shall not be regarded as indebtedness of the
11municipality issuing such obligations or any other taxing
12district for the purpose of any limitation imposed by law.
13(Source: P.A. 100-531, eff. 9-22-17.)
14    (65 ILCS 5/11-74.4-8)  (from Ch. 24, par. 11-74.4-8)
15    Sec. 11-74.4-8. Tax increment allocation financing.  A
16municipality may not adopt tax increment financing in a
17redevelopment project area after July 30, 1997 (the effective
18date of Public Act 90-258) that will encompass an area that is
19currently included in an enterprise zone created under the
20Illinois Enterprise Zone Act unless that municipality,
21pursuant to Section 5.4 of the Illinois Enterprise Zone Act,
22amends the enterprise zone designating ordinance to limit the
23eligibility for tax abatements as provided in Section 5.4.1 of
24the Illinois Enterprise Zone Act. A municipality, at the time
25a redevelopment project area is designated, may adopt tax
		HB4712	- 8 -	LRB104 18094 RTM 31533 b
1increment allocation financing by passing an ordinance
2providing that the ad valorem taxes, if any, arising from the
3levies upon taxable real property in such redevelopment
4project area by taxing districts and tax rates determined in
5the manner provided in paragraph (c) of Section 11-74.4-9 each
6year after the effective date of the ordinance until
7redevelopment project costs and all municipal obligations
8financing redevelopment project costs incurred under this
9Division have been paid shall be divided as follows, provided,
10however, that with respect to any redevelopment project area
11located within a transit facility improvement area established
12pursuant to Section 11-74.4-3.3 in a municipality with a
13population of 1,000,000 or more, ad valorem taxes, if any,
14arising from the levies upon taxable real property in such
15redevelopment project area shall be allocated as specifically
16provided in this Section:
17        (a) That portion of taxes levied upon each taxable
18    lot, block, tract, or parcel of real property which is
19    attributable to the lower of the current equalized
20    assessed value or the initial equalized assessed value of
21    each such taxable lot, block, tract, or parcel of real
22    property in the redevelopment project area shall be
23    allocated to and when collected shall be paid by the
24    county collector to the respective affected taxing
25    districts in the manner required by law in the absence of
26    the adoption of tax increment allocation financing.
		HB4712	- 9 -	LRB104 18094 RTM 31533 b
1        (b) Except from a tax levied by a township to retire
2    bonds issued to satisfy court-ordered damages, that
3    portion, if any, of such taxes which is attributable to
4    the increase in the current equalized assessed valuation
5    of each taxable lot, block, tract, or parcel of real
6    property in the redevelopment project area over and above
7    the initial equalized assessed value of each property in
8    the project area shall be allocated to and when collected
9    shall be paid to the municipal treasurer who shall deposit
10    said taxes into a special fund called the special tax
11    allocation fund of the municipality for the purpose of
12    paying redevelopment project costs and obligations
13    incurred in the payment thereof. In any county with a
14    population of 3,000,000 or more that has adopted a
15    procedure for collecting taxes that provides for one or
16    more of the installments of the taxes to be billed and
17    collected on an estimated basis, the municipal treasurer
18    shall be paid for deposit in the special tax allocation
19    fund of the municipality, from the taxes collected from
20    estimated bills issued for property in the redevelopment
21    project area, the difference between the amount actually
22    collected from each taxable lot, block, tract, or parcel
23    of real property within the redevelopment project area and
24    an amount determined by multiplying the rate at which
25    taxes were last extended against the taxable lot, block,
26    tract, or parcel of real property in the manner provided
		HB4712	- 10 -	LRB104 18094 RTM 31533 b
1    in subsection (c) of Section 11-74.4-9 by the initial
2    equalized assessed value of the property divided by the
3    number of installments in which real estate taxes are
4    billed and collected within the county; provided that the
5    payments on or before December 31, 1999 to a municipal
6    treasurer shall be made only if each of the following
7    conditions are met:
8            (1) The total equalized assessed value of the
9        redevelopment project area as last determined was not
10        less than 175% of the total initial equalized assessed
11        value.
12            (2) Not more than 50% of the total equalized
13        assessed value of the redevelopment project area as
14        last determined is attributable to a piece of property
15        assigned a single real estate index number.
16            (3) The municipal clerk has certified to the
17        county clerk that the municipality has issued its
18        obligations to which there has been pledged the
19        incremental property taxes of the redevelopment
20        project area or taxes levied and collected on any or
21        all property in the municipality or the full faith and
22        credit of the municipality to pay or secure payment
23        for all or a portion of the redevelopment project
24        costs. The certification shall be filed annually no
25        later than September 1 for the estimated taxes to be
26        distributed in the following year; however, for the
		HB4712	- 11 -	LRB104 18094 RTM 31533 b
1        year 1992 the certification shall be made at any time
2        on or before March 31, 1992.
3            (4) The municipality has not requested that the
4        total initial equalized assessed value of real
5        property be adjusted as provided in subsection (b) of
6        Section 11-74.4-9.
7        The conditions of paragraphs (1) through (4) do not
8    apply after December 31, 1999 to payments to a municipal
9    treasurer made by a county with 3,000,000 or more
10    inhabitants that has adopted an estimated billing
11    procedure for collecting taxes. If a county that has
12    adopted the estimated billing procedure makes an erroneous
13    overpayment of tax revenue to the municipal treasurer,
14    then the county may seek a refund of that overpayment. The
15    county shall send the municipal treasurer a notice of
16    liability for the overpayment on or before the mailing
17    date of the next real estate tax bill within the county.
18    The refund shall be limited to the amount of the
19    overpayment.
20        It is the intent of this Division that after July 29,
21    1988 (the effective date of Public Act 85-1142) a
22    municipality's own ad valorem tax arising from levies on
23    taxable real property be included in the determination of
24    incremental revenue in the manner provided in paragraph
25    (c) of Section 11-74.4-9. If the municipality does not
26    extend such a tax, it shall annually deposit in the
		HB4712	- 12 -	LRB104 18094 RTM 31533 b
1    municipality's Special Tax Increment Fund an amount equal
2    to 10% of the total contributions to the fund from all
3    other taxing districts in that year. The annual 10%
4    deposit required by this paragraph shall be limited to the
5    actual amount of municipally produced incremental tax
6    revenues available to the municipality from taxpayers
7    located in the redevelopment project area in that year if:
8    (a) the plan for the area restricts the use of the property
9    primarily to industrial purposes, (b) the municipality
10    establishing the redevelopment project area is a home rule
11    community with a 1990 population of between 25,000 and
12    50,000, (c) the municipality is wholly located within a
13    county with a 1990 population of over 750,000 and (d) the
14    redevelopment project area was established by the
15    municipality prior to June 1, 1990. This payment shall be
16    in lieu of a contribution of ad valorem taxes on real
17    property. If no such payment is made, any redevelopment
18    project area of the municipality shall be dissolved.
19        If a municipality has adopted tax increment allocation
20    financing by ordinance and the County Clerk thereafter
21    certifies the "total initial equalized assessed value as
22    adjusted" of the taxable real property within such
23    redevelopment project area in the manner provided in
24    paragraph (b) of Section 11-74.4-9, each year after the
25    date of the certification of the total initial equalized
26    assessed value as adjusted until redevelopment project
		HB4712	- 13 -	LRB104 18094 RTM 31533 b
1    costs and all municipal obligations financing
2    redevelopment project costs have been paid the ad valorem
3    taxes, if any, arising from the levies upon the taxable
4    real property in such redevelopment project area by taxing
5    districts and tax rates determined in the manner provided
6    in paragraph (c) of Section 11-74.4-9 shall be divided as
7    follows, provided, however, that with respect to any
8    redevelopment project area located within a transit
9    facility improvement area established pursuant to Section
10    11-74.4-3.3 in a municipality with a population of
11    1,000,000 or more, ad valorem taxes, if any, arising from
12    the levies upon the taxable real property in such
13    redevelopment project area shall be allocated as
14    specifically provided in this Section:
15            (1) That portion of the taxes levied upon each
16        taxable lot, block, tract, or parcel of real property
17        which is attributable to the lower of the current
18        equalized assessed value or "current equalized
19        assessed value as adjusted" or the initial equalized
20        assessed value of each such taxable lot, block, tract,
21        or parcel of real property existing at the time tax
22        increment financing was adopted, minus the total
23        current homestead exemptions under Article 15 of the
24        Property Tax Code in the redevelopment project area
25        shall be allocated to and when collected shall be paid
26        by the county collector to the respective affected
		HB4712	- 14 -	LRB104 18094 RTM 31533 b
1        taxing districts in the manner required by law in the
2        absence of the adoption of tax increment allocation
3        financing.
4            (2) That portion, if any, of such taxes which is
5        attributable to the increase in the current equalized
6        assessed valuation of each taxable lot, block, tract,
7        or parcel of real property in the redevelopment
8        project area, over and above the initial equalized
9        assessed value of each property existing at the time
10        tax increment financing was adopted, minus the total
11        current homestead exemptions pertaining to each piece
12        of property provided by Article 15 of the Property Tax
13        Code in the redevelopment project area, shall be
14        allocated to and when collected shall be paid to the
15        municipal Treasurer, who shall deposit said taxes into
16        a special fund called the special tax allocation fund
17        of the municipality for the purpose of paying
18        redevelopment project costs and obligations incurred
19        in the payment thereof.
20        The municipality may pledge in the ordinance the funds
21    in and to be deposited in the special tax allocation fund
22    for the payment of such costs and obligations. No part of
23    the current equalized assessed valuation of each property
24    in the redevelopment project area attributable to any
25    increase above the total initial equalized assessed value,
26    or the total initial equalized assessed value as adjusted,
		HB4712	- 15 -	LRB104 18094 RTM 31533 b
1    of such properties shall be used in calculating the
2    general State aid formula, provided for in Section 18-8 of
3    the School Code, or the evidence-based funding formula,
4    provided for in Section 18-8.15 of the School Code, until
5    such time as all redevelopment project costs have been
6    paid as provided for in this Section.
7        Whenever a municipality issues bonds for the purpose
8    of financing redevelopment project costs, such
9    municipality may provide by ordinance for the appointment
10    of a trustee, which may be any trust company within the
11    State, and for the establishment of such funds or accounts
12    to be maintained by such trustee as the municipality shall
13    deem necessary to provide for the security and payment of
14    the bonds. If such municipality provides for the
15    appointment of a trustee, such trustee shall be considered
16    the assignee of any payments assigned by the municipality
17    pursuant to such ordinance and this Section. Any amounts
18    paid to such trustee as assignee shall be deposited in the
19    funds or accounts established pursuant to such trust
20    agreement, and shall be held by such trustee in trust for
21    the benefit of the holders of the bonds, and such holders
22    shall have a lien on and a security interest in such funds
23    or accounts so long as the bonds remain outstanding and
24    unpaid. Upon retirement of the bonds, the trustee shall
25    pay over any excess amounts held to the municipality for
26    deposit in the special tax allocation fund.
		HB4712	- 16 -	LRB104 18094 RTM 31533 b
1        When such redevelopment projects costs, including,
2    without limitation, all municipal obligations financing
3    redevelopment project costs incurred under this Division,
4    have been paid, not more than 5% of all surplus funds then
5    remaining in the special tax allocation fund may [shall] be
6    distributed not more than once every 10 years by being
7    paid by the municipal treasurer to the Department of
8    Revenue, the municipality and the county collector; first
9    to the Department of Revenue and the municipality in
10    direct proportion to the tax incremental revenue received
11    from the State and the municipality, but not to exceed the
12    total incremental revenue received from the State or the
13    municipality less any annual surplus distribution of
14    incremental revenue previously made; with any remaining
15    funds to be paid to the County Collector who shall
16    immediately thereafter pay said funds to the taxing
17    districts in the redevelopment project area in the same
18    manner and proportion as the most recent distribution by
19    the county collector to the affected districts of real
20    property taxes from real property in the redevelopment
21    project area. If the termination date for the 
22    redevelopment project area is extended beyond the 23rd 
23    calendar year after the year in which the ordinance 
24    approving the redevelopment project area was adopted, then 
25    following the 23rd calendar year, no surplus funds may be 
26    distributed until the redevelopment project area is 
		HB4712	- 17 -	LRB104 18094 RTM 31533 b
1    terminated.
2        Upon the payment of all redevelopment project costs,
3    the retirement of obligations, the distribution of any
4    excess monies pursuant to this Section, and final closing
5    of the books and records of the redevelopment project
6    area, the municipality shall adopt an ordinance dissolving
7    the special tax allocation fund for the redevelopment
8    project area and terminating the designation of the
9    redevelopment project area as a redevelopment project
10    area. Title to real or personal property and public
11    improvements acquired by or for the municipality as a
12    result of the redevelopment project and plan shall vest in
13    the municipality when acquired and shall continue to be
14    held by the municipality after the redevelopment project
15    area has been terminated. Municipalities shall notify
16    affected taxing districts prior to November 1 if the
17    redevelopment project area is to be terminated by December
18    31 of that same year. If a municipality extends estimated
19    dates of completion of a redevelopment project and
20    retirement of obligations to finance a redevelopment
21    project, as allowed by Public Act 87-1272, that extension
22    shall not extend the property tax increment allocation
23    financing authorized by this Section. Thereafter the rates
24    of the taxing districts shall be extended and taxes
25    levied, collected and distributed in the manner applicable
26    in the absence of the adoption of tax increment allocation
		HB4712	- 18 -	LRB104 18094 RTM 31533 b
1    financing.
2        If a municipality with a population of 1,000,000 or
3    more has adopted by ordinance tax increment allocation
4    financing for a redevelopment project area located in a
5    transit facility improvement area established pursuant to
6    Section 11-74.4-3.3, for each year after the effective
7    date of the ordinance until redevelopment project costs
8    and all municipal obligations financing redevelopment
9    project costs have been paid, the ad valorem taxes, if
10    any, arising from the levies upon the taxable real
11    property in that redevelopment project area by taxing
12    districts and tax rates determined in the manner provided
13    in paragraph (c) of Section 11-74.4-9 shall be divided as
14    follows:
15            (1) That portion of the taxes levied upon each
16        taxable lot, block, tract, or parcel of real property
17        which is attributable to the lower of (i) the current
18        equalized assessed value or "current equalized
19        assessed value as adjusted" or (ii) the initial
20        equalized assessed value of each such taxable lot,
21        block, tract, or parcel of real property existing at
22        the time tax increment financing was adopted, minus
23        the total current homestead exemptions under Article
24        15 of the Property Tax Code in the redevelopment
25        project area shall be allocated to and when collected
26        shall be paid by the county collector to the
		HB4712	- 19 -	LRB104 18094 RTM 31533 b
1        respective affected taxing districts in the manner
2        required by law in the absence of the adoption of tax
3        increment allocation financing.
4            (2) That portion, if any, of such taxes which is
5        attributable to the increase in the current equalized
6        assessed valuation of each taxable lot, block, tract,
7        or parcel of real property in the redevelopment
8        project area, over and above the initial equalized
9        assessed value of each property existing at the time
10        tax increment financing was adopted, minus the total
11        current homestead exemptions pertaining to each piece
12        of property provided by Article 15 of the Property Tax
13        Code in the redevelopment project area, shall be
14        allocated to and when collected shall be paid by the
15        county collector as follows:
16                (A) First, that portion which would be payable
17            to a school district whose boundaries are
18            coterminous with such municipality in the absence
19            of the adoption of tax increment allocation
20            financing, shall be paid to such school district
21            in the manner required by law in the absence of the
22            adoption of tax increment allocation financing;
23            then
24                (B) 80% of the remaining portion shall be paid
25            to the municipal Treasurer, who shall deposit said
26            taxes into a special fund called the special tax
		HB4712	- 20 -	LRB104 18094 RTM 31533 b
1            allocation fund of the municipality for the
2            purpose of paying redevelopment project costs and
3            obligations incurred in the payment thereof; and
4            then
5                (C) 20% of the remaining portion shall be paid
6            to the respective affected taxing districts, other
7            than the school district described in clause (a)
8            above, in the manner required by law in the
9            absence of the adoption of tax increment
10            allocation financing.
11    Nothing in this Section shall be construed as relieving
12property in such redevelopment project areas from being
13assessed as provided in the Property Tax Code or as relieving
14owners of such property from paying a uniform rate of taxes, as
15required by Section 4 of Article IX of the Illinois
16Constitution.
17(Source: P.A. 102-558, eff. 8-20-21.)
18    Section 99. Effective date. This Act takes effect upon
19becoming law.