IL HB4423

Amends the Illinois Municipal Code section on completion dates for Tax Increment Financing (TIF) redevelopment projects.

Extends the completion date deadline for the City of Oak Forest's redevelopment project ordinance adopted June 11, 2002 to align with the 35-year timeframe for real property tax increment allocation financing.

Establishes specific completion date deadlines for numerous Illinois municipalities' TIF districts, ranging from 23 to 35 years depending on when the ordinance was adopted and special circumstances.

Allows certain municipalities to extend redevelopment project completion dates to December 31, 2013 through municipal ordinance for projects within the State Sales Tax Boundary that had bonds issued before July 29, 1991 or contracts entered before June 1, 1988.

Takes effect upon becoming law.