A tax increment financing (TIF) transparency bill (Public Act 096-1335)

March 31, 2011

A tax increment financing (TIF) transparency bill (Public Act 096-1335) passed by the Illinois legislature and signed into law by Governor Quinn in July 2010 includes a number of long-standing Civic Federation recommendations detailed in the Federation’s 2007 TIF report. The new law requires counties and municipalities to generate 10-year status reports, include TIF revenues and expenditures in their annual budgets, and requires municipalities to submit TIF reports in electronic format to the State Comptroller.