HB1115 Summary

• Modifies the Tax Increment Allocation Redevelopment Act to change the formula for calculating school district reimbursement for increased costs from assisted housing units in redevelopment project areas designated after November 1, 1999, in municipalities with less than 1,000,000 population.

• Removes different calculation formulas previously used for alternate method districts, flat grant districts, and foundation districts, creating uniform formulas based on per capita tuition costs for unit, elementary, and secondary school districts.

• Changes the deadline for school districts in municipalities with populations over 1,000,000 to submit reimbursement claims from September 30 to October 31 annually, and requires municipalities to reimburse qualifying school districts by January 31 of the school year in which the claim is made.

• Increases the percentage caps on reimbursable costs: unit school districts from 25% to 40%, elementary districts from 17% to 27%, and secondary districts from 8% to 13% of property tax increment revenue produced by assisted housing units.