Bill > SB1049

This bill makes a technical amendment to the Economic Development Project Area Tax Increment Allocation Act of 1995. While the specific details of the technical change are not fully visible in the provided XML, the bill appears to be making a minor modification to Section 1 of the existing law. Tax Increment Allocation Acts are typically used by local governments to fund economic development projects by using future increases in property tax revenues from a designated area to finance current improvements. In this case, the bill seems to be making a non-substantive change, likely to clarify language or correct a minor technical issue in the existing statute.

Government Affairs

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1049&GAID=18&DocTypeID=SB&SessionID=114&GA=104