IL SB3051

Amends the Illinois Municipal Code to extend the tax increment allocation (TIF) financing completion date for an ordinance adopted by the City of Madison on January 30, 1996.

Allows the City of Madison's redevelopment project completion date and obligation retirement date to be extended to December 31 of the year in which payment is made with respect to ad valorem taxes levied in the 35th calendar year after the ordinance was adopted.

Adds the City of Madison's TIF district as item (113) to a list of municipalities receiving extended TIF completion date provisions.

Takes effect immediately upon becoming law.