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| | HB3760 Engrossed | | LRB099 07062 HLH 27146 b |
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| 1 | | AN ACT concerning State government.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 1. Short title. This Act may be cited as the Local |
| 5 | | Government Tax Incentive Disclosure Act.
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| 6 | | Section 5. Definitions. As used in this Act: |
| 7 | | "Department" means the Department of Commerce and Economic |
| 8 | | Opportunity. |
| 9 | | "Tax incentive" means any property tax abatement granted by |
| 10 | | a unit of local government or any tax increment financing |
| 11 | | affecting a unit of local government. |
| 12 | | "Unit of local government" has the meaning ascribed to that |
| 13 | | term in Section 1 of Article VII of the Illinois Constitution.
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| 14 | | Section 10. Disclosure required. Notwithstanding any other |
| 15 | | provision of law, each unit of local government shall report |
| 16 | | the annual value of any tax incentive granted by the unit of |
| 17 | | local government as community investment revenue on the annual |
| 18 | | financial report for that unit of local government.
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| 19 | | Section 15. Department reports. Notwithstanding any other |
| 20 | | provision of law, no later than August 1 of each year, the |
| 21 | | Department shall report to the Governor and the General |