Ives speaks out against TIF legislation
Rep. Jeanne Ives (R-Wheaton) has been very vocal against Senate Bill 1415, sponsored by Majority Leader Barbara Flynn Currie (D-Chicago), Rep. Monica Bristow (D-Alton) and State Sen. Bill Cunningham (D-Chicago). The bill would allegedly provide a way for communities to redevelop infrastructure or other projects via public financing.
Ives, however, is wary any tax increment financing (TIF) extension legislation.
"You've heard me before on this," Ives said. "When we passed that school funding bill, it was very important that we understood the property values across the state and what happens with that school funding bill is that if your property is in a TIF, it is artificially lower."
TIF extensions provide a way for communities to redevelop infrastructure or other projects via public financing.
Ives said, specifically with this particular bill, there are three different TIFs carved up that are extended 23 to 35 years.
"This means they are going to continue to undervalue the wealth in those districts for the school funding formula," Ives said. "If you want to these TIF extensions, why don't you make a different bill that says the undervaluation is not subject to the school funding formula?"
Ives said hiding wealth in TIFs pushes the cost onto the rest of the state.
"When you hide your wealth you change it for every other school district in the state," Ives said. "That's the problem."
Ives said the legislature needs to solve this issue.
"We never solve this," Ives said. "All you're doing is exacerbating the problem. Vote no. It's unfair to your school districts. It is a terrible bill. Stop the nonsense and get control of this."
Ives said she has yet to see the trailer bill solving the problem with TIFs in Illinois.
"We've incorporated that into at least two different task forces to discuss TIFs, yet I've seen no legislation come out correcting the problem with TIFs," Ives said.
The bill passed with 82 yes votes and 22 no votes.