§ 3-25 — Limitation on amounts for eligible projects

Illinois § 3-25

• Jurisdiction: Illinois
• Topic: GOVERNMENT
• Ch. 20: EXECUTIVE BRANCH
• Act 20 ILCS 607/: Brownfields Redevelopment and Intermodal Promotion Act.
• Art.: Article 3 - Brownfields Redevelopment and Intermodal Promotion Act

Text

The total amount of tax increment to be transferred to the South Suburban Brownfields Redevelopment Fund shall not exceed $3,000,000 in each State fiscal year. Any increment generated in a given State fiscal year in excess of $3,000,000 shall be retained by the State. Any revenues in the South Suburban Brownfields Redevelopment Fund not used in a given fiscal year may be rolled over into subsequent fiscal years. Use of the Fund to pay or reimburse eligible expenses shall not preclude the receipt of benefits from any Enterprise Zone, Tax Increment Finance District, property tax abatement program, or other business development program of a federal, State, or local economic development program that may be available to the project, and any brownfield site included in an agreement with an eligible developer or eligible employer shall remain fully eligible for all State and Federal tax incentives and grants specifically related to brownfield remediation.

Legislative History

(Source: P.A. 100-774, eff. 8-10-18.)