ARLINGTON HEIGHTS – To ensure that tax increment financing (TIF) dollars are used responsibly, a plan introduced by State Senator Ann Gillespie (D-Arlington Heights) that expands required reporting by municipalities to the Illinois Comptroller was signed into law.

“Taxpayers deserve to know exactly how TIF developments could affect their property taxes,” Gillespie said. “Our plan will keep developers and local governments honest, and create a transparent process that shows residents whether goals are being met.”

TIF districts are a tool used by municipal governments to stimulate economic development in targeted areas. The new law requires 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 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 is effective immediately.