HB0571 Summary

• Requires Tax Increment Financing (TIF) reports to be filed separately from other annual municipal reports and submitted electronically to the State Comptroller within 180 days after the close of the fiscal year.

• Establishes late filing penalties: $5 per day for first 15 days past due, $10 per day for days 16-30, $15 per day for days 31-45, and $20 per day for day 46 and beyond, with discretionary reduction by the Comptroller.

• Requires municipalities to report starting Fiscal Year 2022: projected and actual job creation, projected and actual tax increment amounts, and developer rates of return (independently verified by third party).

• Mandates municipalities submit copies of redevelopment plans each time they are enacted, amended, or extended, along with additional financial analysis including actual debt service information.

• Applies to both Tax Increment Allocation Redevelopment Act and Industrial Jobs Recovery Law reporting requirements under the Illinois Municipal Code.