HB0342 Summary

• Amends the Tax Increment Allocation Redevelopment Act to subject all TIF obligations issued by non-home rule municipalities to a backdoor referendum process, rather than only those secured by full faith and credit.

• Extends the petition filing deadline for referendums from 30 days to 45 days after ordinance publication.

• Changes signature requirements for referendum petitions to require the greater of 7.5% of registered voters or the lesser of 200 voters or 15% of registered voters (previously required 10% or more).

• Applies only to ordinances adopted on or after the effective date of this amendatory act.

• Takes effect immediately upon becoming law.