HB0304 Summary

• Expands backdoor referendum requirements for Tax Increment Allocation (TIF) bond issuances by non-home rule municipalities to apply to all TIF obligations, not just those secured by the municipality's full faith and credit.

• Increases the petition filing deadline from 30 days to 45 days after ordinance publication for triggering a referendum on TIF bond issuance.

• Changes the signature requirement for referendum petitions from 10% of registered voters to the greater of 7.5% of registered voters or the lesser of 200 voters or 15% of registered voters.

• Applies the referendum changes only to ordinances adopted on or after the bill's effective date.

• Takes effect immediately upon becoming law.