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Sweeping legislation that would mark the first major overhaul of northeastern Illinois’ mass transit system in nearly 25 years is scheduled to be presented to a roiled Illinois General Assembly on Tuesday.

The measure would update the way money is raised to fund CTA, Metra and Pace — a formula that hasn’t changed since the sprawling subdivisions in McHenry, Kane and Will Counties were cornfields.

The bill, SB 572, also would arm the Regional Transportation Authority, created by referendum in 1973, with new powers.

Transit advocates, planners and civic organizations say revamping the region’s mass transportation network is vital to the region’s economic health and environment.

“This is a jugular issue,” said George Ranney, president and CEO of Chicago Metropolis 2020, which strongly backs the legislation. “If we can’t fund this measure and keep a very good system up and going, it’s going to be a huge black eye to us in terms of our regional economy and how we’re perceived nationally and internationally.”

Even though the measure has strong bipartisan backing, its supporters worry that it will fall victim to political rivalry and personal animosities that have racked this session in Springfield.

If the measure fails, the transit agencies will begin implementing a series of fare increases, service reductions and layoffs Sept. 16. More drastic cuts and fare hikes are planned for 2008.

The House Mass Transit Committee approved the bill on a 15-4 vote Wednesday, but Rep. Julie Hamos (D-Evanston), the committee chairwoman and the measure’s prime mover, was unsure what will happen when the measure goes before the full House.

“We had a strong vote count, but I’m very worried that other agendas will get in the way,” Hamos said. “The problem is we still have four legislative leaders and a governor all going in different directions. That doesn’t help the cause.”

The bill has the support of House Speaker Michael Madigan (D-Chicago), but is opposed by Gov. Blagojevich. The governor opposes the measure because it would increase sales taxes throughout the six-county area.

Hamos also cited opposition from House Minority Leader Rep. Tom Cross (R-Oswego), who believes the best way to fund mass transit, roads and bridges is through an expansion of casino gambling.

Advocates insist the measure isn’t a CTA bailout — that it provides vital revenue to all three transit agencies — and that the bill more fairly balances the Chicago-versus-suburbs funding equation than the formula that has been in use since 1983.

Under the current formula, the CTA gets 60 percent of the sales tax revenue that the RTA receives from the six-county area, with 30 percent going to Metra and 10 percent going to Pace.

Under SB 572, the balance would change. Metra and Pace, which largely serve the suburbs, would get 52 percent of sales tax revenue (39 percent and 13 percent, respectively), and the CTA would get 48 percent.