IL HB6904

Amends the Tax Increment Allocation Redevelopment Act to create a new subsection (a-5) in Section 11-74.4-8 of the Illinois Municipal Code.

Requires school district tax portions from redevelopment project areas established by the City of Chicago on or after the effective date to be allocated and paid to the school district in the normal manner, rather than diverted to tax increment financing.

Applies the same treatment to redevelopment areas established by Chicago prior to the effective date that are extended by the General Assembly on or after the effective date.

School district tax proceeds are only allocated under this exemption during the period of the extension for previously established redevelopment areas.

Takes effect immediately upon becoming law.