Illinois SB 1947, a bill on the funding of Illinois’ public schools, included a provision that created a bi-partisan Tax Increment Financing Reform Task Force. This Task Force will be made up of twelve members, three from each caucus in the Illinois General Assembly. The Task Force’s stated purpose is to study “current Tax Increment Financing (TIF) laws in [Illinois] and issues that include, but are not limited to:
The benefits and costs of TIF districts;
The interaction between TIF law and school funding;
The expenditure of TIF funds; and
The expenditure of TIF surplus funds.
The Task Force is to issue its report to the General Assembly on or before April 1, 2018. Other municipal groups, including the Illinois Municipal League, have expressed concern about possible appointments and what findings the Task Force could reach. CVR will be monitoring any findings this Task Force issues. Illinois municipalities may want to do the same. For more information, feel free to contact Joe Bond at joe@municipalfirm.com.