IL SB1431

Amends Section 11-74.4-3.5 of the Illinois Municipal Code regarding completion dates for tax increment financing (TIF) redevelopment projects.

Establishes varying completion date deadlines based on when redevelopment project ordinances were adopted, ranging from 23 to 35 years after ordinance adoption.

Provides specific extended completion dates for 119 named municipalities and redevelopment projects, including Chicago, Aurora, Naperville, and numerous smaller Illinois cities and villages.

Allows municipalities meeting certain bond authorization thresholds to elect 35-year completion dates by ordinance with notice to taxing bodies.

Takes effect upon becoming law.