IL SB3042

Extends tax increment allocation (TIF) financing completion dates for the Village of Sherman from 35 years to 47 years for the redevelopment project area established on September 17, 1986.

Creates TIF financing extensions for two additional Village of Sherman districts established on October 13, 1999: the Route 66 Crossing TIF District and the Rail Pointe TIF District.

Requires the Village of Sherman to adopt an ordinance extending the completion date and provide notice to taxing bodies that would constitute the joint review board not more than 30 and not less than 14 days prior to adoption.

Adds extensions for the City of Springfield's TIF areas established on December 29, 1981, allowing completion dates of up to 47 years with similar notice requirements to taxing bodies.

Takes effect immediately upon becoming law.