HB2363 authorizes the Illinois Department of Commerce and Economic Opportunity to award grants to municipalities with declining economic indicators.
HB2363 amends the Department of Commerce and Economic Opportunity Law to allow the Department, in consultation with the Department of Revenue, to create and award capacity building grants. These grants are intended for municipalities whose equalized assessed value, total State sales tax disbursements, or both combined, have decreased by at least 30% over the preceding 10 years. The bill requires the Department to adopt rules for implementing and administering the grant program.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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