IL SB2465

Amends Section 11-74.4-7 of the Illinois Municipal Code regarding Tax Increment Allocation (TIF) Redevelopment Act provisions.

Changes the distribution timeline for surplus funds in special tax allocation funds from annually within 180 days after the close of the municipality's fiscal year to as soon as possible after they are calculated.

Surplus funds are distributed by the municipal treasurer to the County Collector, Department of Revenue, and municipality in direct proportion to tax incremental revenue received from property value increases, State sources, and municipal sources.

County Collector then distributes funds to respective taxing districts using the same manner and proportion as the most recent distribution of real property taxes from the redevelopment project area.