Late yesterday afternoon, May 26, 2011, the Revenue & Finance Committee of the Illinois House of Representatives approved Senate Bill 540 (SB0540). SB 540 was amended at the last minute to include HB 570, which we all oppose. A vote on this Bill will take place over the weekend.
PLEASE BE ADVISED:
SB 540 GIVES THE JOINT REVIEW BOARD VETO POWER OVER ANY NEW TIFS OR MAJOR AMENDMENTS. If a TIF Plan or Amendment is rejected by a majority of the representatives on the Joint Review Board, with each member having an equal vote, the municipality may not proceed with the TIF Plan or Amendment.
SB 540 SEVERELY LIMITS YOUR COMMUNITY'S ABILITY TO USE TIF FUNDS AND COMPLETE REDEVELOPMENT PLANS. Beginning on January 1, 2012, all accumulated TIF increment in a municipality's Special Tax Allocation Fund that has not been designated for use for a specific project or other specified anticipated use shall be designated as “SURPLUS FUNDS” and returned to the County for redistribution to other taxing bodies.
SB 540 PERMITS THE OFFICE OF THE ILLINOIS STATE COMPTROLLER TO CHARGE A MUNICIPALITY AN ANNUAL FEE OF UP TO $5,000.
SB 540 EFFECTIVE DATE IS NOW!
Please contact your Legislators today, to IMMEDIATELY OPPOSE SENATE BILL 540! E-mail us after you've talked to your Senator and Representative, please let me know the response you received.
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