IL HB6903

Amends the Tax Increment Allocation Redevelopment Act by redefining "surplus" funds in the special tax allocation fund to include all accumulated tax incremental revenues not specifically appropriated for defined project costs by the end of a municipality's fiscal year.

Reduces the distribution timeline for surplus funds from 180 days to 60 days after the close of the municipality's fiscal year.

Requires surplus funds to be distributed to the County Collector, Department of Revenue, and the municipality in direct proportion to tax incremental revenue received from property value increases, State sources, and municipal sources.

Directs the County Collector to distribute funds to affected taxing districts in the same manner and proportion as the most recent distribution of real property taxes from the redevelopment project area.

Takes effect immediately upon becoming law.