SB 4062

Amends the Illinois Municipal Code. Provides that municipalities authorized to levy impact fees must calculate fees using the statewide formula structure issued by the Department of Commerce and Economic Opportunity. Provides that municipalities may adopt fees lower than the formula-derived levels. Provides that the Department shall issue, update annually, and make publicly available specified mandatory information to be used in the calculation of standardized impact mitigation fees. Provides that the Department shall issue a model impact fee ordinance that municipalities authorized to levy impact fees must adopt verbatim or with only technical deviations. Provides that each municipality authorized to levy impact fees must, before imposing any fee, publish a schedule identifying: (1) the formula-generated maximum fee per unit type; (2) the State-issued multipliers and assumptions used; (3) any allowable municipal adjustment factors applied; and (4) any municipal reductions adopted. Provides that municipalities authorized to levy impact fees must annually report to the Department, including: (1) fees collected; (2) fund expenditures; (3) fund balances; (4) number and type of housing units approved; and (5) any use of adjustment factors. Requires the Department to adopt rules to implement the provisions. Provides that, beginning 30 months after the effective date of the amendatory Act, any impact fee imposed on residential development must be calculated in accordance with the provisions. Limits home rule powers. Effective immediately.