IL HB6303

Amends the Illinois Municipal Code Section 11-74.4-3.5 to establish completion dates for tax increment financing (TIF) redevelopment projects and retirement of related bonds.

Extends the completion date for the Village of Lansing's redevelopment project ordinance adopted on June 4, 1991 to December 31 of the year in which tax increment payments are made with respect to ad valorem taxes levied in the 35th calendar year after the ordinance adoption.

Adds 119 specific provisions for individual municipalities detailing their unique TIF project completion deadlines based on ordinance adoption dates, with special conditions for certain jurisdictions including Chicago, Aurora, East Peoria, and others.

Allows municipalities meeting specific bond authorization criteria to voluntarily extend redevelopment project areas to 35 years through ordinance adoption after providing 14-30 days' written notice to taxing bodies.

Effective upon becoming law.