gillespie 050521SPRINGFIELD – To ensure that tax increment financing (TIF) dollars are used responsibly, State Senator Ann Gillespie passed legislation in the Senate Revenue Committee that would expand the required reporting by municipalities to the Illinois Comptroller.

“Most residents don’t know how TIF districts affect their property taxes or benefit the community,” Gillespie said. “This plan will shed light on the process and provide transparency in our local governments.”

TIF districts are a tool used by municipal governments to stimulate economic development in targeted areas. The legislation would gather more consistent, measurable data on the success of the TIF project by expanding what local governments must report annually to the Comptroller’s Office. Expanded reporting requirements would include projected and actual job creation, and projected and actual increment. The legislation also requires the report to be verified by a neutral third party.

"This is a sensible plan to ensure taxpayers are presented with a more complete picture of whether promises made are promises kept when it comes to TIF districts in their communities," Illinois State Comptroller Susana Mendoza said.

House Bill 571 passed the Senate Revenue Committee and awaits consideration before the full Senate.