IL SB3581

Creates a tax increment allocation (TIF) financing extension for an ordinance adopted on January 30, 1996 by the City of Madison, adding it as item (146) to Section 11-74.4-3.5 of the Illinois Municipal Code.

Allows the City of Madison's redevelopment project completion date and obligation retirement date to extend to December 31 of the year in which payments are made with respect to ad valorem taxes levied in the 35th calendar year after the ordinance adoption (consistent with other TIF extensions in the statute).

Takes effect immediately upon becoming law.