HB1557 Summary

• Creates the Illinois Review Board consisting of 9 members appointed by legislative leaders (4 members) and the Governor (5 members) to review and evaluate local government use of taxing authority.

• Board shall meet twice monthly to evaluate the financial status, efficiency, surplus, and debt of local taxing bodies, and assess the impact of their tax levies on financial condition and taxpayer burden.

• Board must submit annual reports by March 31 to the Governor and General Assembly summarizing evaluations, analysis of tax usage, and legislative recommendations.

• Annual reports from the Illinois Review Board shall be made available on the Illinois Transparency and Accountability Portal (ITAP).

• Board members serve without compensation but may be reimbursed for expenses; the Department of Central Management Services shall provide staff and administrative support; Board is subject to Open Meetings Act and State Records Act.