IL SB1042

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

Adds a new provision allowing the City of Savanna to extend its TIF project completion date to 35 years if the ordinance was adopted on January 1, 1996

Establishes that redevelopment project areas in transit facility improvement areas may extend completion dates to 35 years instead of the standard 23 years

Permits municipalities to extend completion dates to 47 years in specific cases, such as the City of Springfield's redevelopment project established December 29, 1981

Takes effect upon becoming law