SB3043 Summary

• Amends Section 11-74.4-3.5 of the Illinois Municipal Code regarding Tax Increment Allocation (TIF) Redevelopment Act completion dates.

• Creates a TIF financing extension for an ordinance adopted on December 1, 2000 by the Village of Mahomet, allowing project completion and obligations retirement by December 31 of the year taxes are levied in the 35th calendar year after ordinance adoption (item 178 in subsection c).

• Maintains existing TIF completion date provisions for 177 other municipalities and redevelopment project areas with specific adoption dates and completion timelines.

• Becomes effective immediately upon passage.