Here is a brief update on the proposed Tax Increment Financing (TIF) legislation and economic development legislation. The primary TIF Legislation proposed is the Senate Committee Amendment 2 to SB 1391 (Sen. Gillespie, D-Arlington Heights). This legislation includes a number of proposed changes that would be harmful to TIF, including, among many other things, an expansion of the purview of the Joint Review Board (JRB) of TIF districts, granting the JRB veto-like powers over the creation and extension of TIF districts.
The good news is that SB 1391 was not heard in committee and thus, should not advance.
However, there are several TIF extension bills that have been filed in both the House and Senate, for specific communities, that will likely be included in a TIF omnibus bill later this session, which we will track.
Additionally, related to economic development, we are monitoring HB 3565 (Rep. Walker, D-Arlington Heights) and SB 1350 (Sen. Gillespie, D-Arlington Heights), a bill that would require developers working on large scale projects to negotiate annual tax payments to local taxing bodies, also known as payments in lieu of taxes (PILOT). Payments would be based upon a frozen assessment following an initial investment by the developer. We will also track these bills to see if there is movement in the future.
As always, feel welcome to contact us with any questions or comments.
Make sure to consult your Tressler attorney if you have questions or need assistance with Economic Development!
For more information about this article, please contact Erik Peck at email@example.com.