Comptroller, Chicago officials debate tax fund sweeps–Proposed change would limit ability to reallocate TIF dollars

Illinois Comptroller Susana Mendoza is supporting legislation that would limit municipalities’ ability to reallocate tax increment financing dollars, but Chicago Mayor Brandon Johnson’s administration is opposed to the idea.

Mendoza told the House Revenue and Finance Committee that TIF legislation was enacted over 65 years ago.

Chicago Director of Intergovernmental Affairs John Arena said House Bill 4712 would produce an unwelcome outcome for the city and its taxpayers.

Arena said the bill takes away local jurisdictions’ ability to manage cash flow.

Story from Illinois Radio Network