Illinois REALTORS®, make sure you read today’s State Capitol Report

Illinois State Capitol Building Interior

The General Assembly was in session Wednesday and Thursday this week, concluding with passage of an agreed budget package which will provide a stopgap budget to the end of the calendar year.

The General Assembly also approved SB 2562, an omnibus bill that extends the term of various Tax Increment Financing (TIF) Districts around the state and creates a new transit-oriented TIF in Chicago. TIFs are important economic development tools that are used in municipalities statewide.

The General Assembly tackled the issue of funding the Chicago Teachers’ pension fund by including the reestablishment of an annual property tax levy for the Chicago Public Schools dedicated to the pension fund (SB 318). The levy is capped at a rate of 0.383 percent.

The fall session dates were announced: Nov. 15-17 and Nov. 29-Dec. 1.

The July 1, 2016 issue of State Capitol Report provides additional information on these issues.

Also of note: NAR’s Call for Action, asking the United States Senate to pass H.R. 3700/S. 3083 will remain open until the Senate adjourns for its summer recess on or about July 15, 2016. PLEASE RESPOND TO THIS IMPORTANT CALL FOR ACTION!

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