IL HB4118

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

Establishes a 35-year timeline for most TIF projects (measured from adoption of the ordinance establishing the redevelopment area) for purposes of retiring bonds and obligations.

Creates specific exceptions for individual municipalities with earlier adoption dates or special circumstances, allowing extended or alternative completion timelines.

Adds Village of Table Grove (ordinance adopted June 21, 1999) to the list of municipalities with a 35-year completion date for TIF purposes.

Takes effect upon becoming law.