Bill > SB0639

This bill makes a technical amendment to the Economic Development Project Area Tax Increment Allocation Act of 1995, specifically targeting Section 1 of the law. While the provided XML document does not show the specific text changes, the government summary indicates it is a minor modification to the short title section of the act. Tax increment allocation acts are typically legislative tools that allow local governments to use future gains in taxes to finance current infrastructure or development projects, often by designating a specific geographic area (known as a tax increment financing or TIF district) where incremental property tax increases are used to fund improvements within that area. Without more detailed information about the precise changes, the bill appears to be making a technical correction to the law's nomenclature or formatting rather than substantively altering its policy provisions.

Agriculture and Natural Resources, Government Affairs

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=639&GAID=18&DocTypeID=SB&SessionID=114&GA=104