Senator GillespieSPRINGFIELD – To ensure that tax increment financing (TIF) dollars are used responsibly, State Senator Ann Gillespie (D-Arlington Heights) passed legislation in the Illinois Senate that would expand the required reporting by municipalities to the Illinois Comptroller.

“Requiring measurable data from local governments will provide taxpayers with a better understanding of how TIF developments could affect their property taxes,” Gillespie said. “Our plan will create a transparent process that delivers opportunity while keeping our local governments honest.”

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 Illinois Senate with unanimous support and awaits the governor’s signature.