IL HB2426

Adds Section 11-74.4-13 to the Illinois Municipal Code to implement a two-year moratorium on establishing new redevelopment project areas under the Tax Increment Allocation Redevelopment Act.

Prohibits municipalities from creating new Tax Increment Financing (TIF) districts for two years from the effective date of this amendatory act.

Automatically repeals the moratorium provision two years after the act becomes law, allowing new redevelopment project areas to be established again thereafter.

Takes effect immediately upon becoming law.