IL HB4902

Amends Section 11-74.4-3.5 of the Illinois Municipal Code to consolidate and establish completion date requirements for tax increment financing (TIF) redevelopment projects.

Sets a general deadline of December 31 in the year when tax payments are made in the 23rd calendar year after ordinance adoption for most redevelopment projects adopted on or after January 15, 1981.

Provides extended deadlines for specific municipalities and projects, including Village of Downs (32 years), Village of Wheeling (33 years), and City of Lawrenceville (28 years), with numerous other municipalities receiving individualized completion date extensions.

Allows municipal ordinances to extend completion dates up to 35 years for certain redevelopment project areas meeting specific bond authorization and timeline criteria, subject to 14-30 days' written notice to taxing bodies.

Extends completion dates to December 31, 2013 for redevelopment project areas within the State Sales Tax Boundary that issued bonds before July 29, 1991 or entered contracts before June 1, 1988.