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IL HB0845

Bill

Official Source

Status

Introduced

2/10/2021

Primary Sponsor

Dan Ugaste

Click for details

Origin

House of Representatives

102nd General Assembly

AI Summary

  • Reduces the maximum duration of Tax Increment Financing (TIF) districts from 23 years to 15 years for redevelopment project areas approved on or after the effective date of this amendment
  • Applies only to new TIF districts created after the law takes effect; existing TIF districts retain their current completion timelines
  • Maintains existing exceptions allowing 35-year terms for transit facility improvement areas and various specific municipalities listed in the statute
  • Amends Section 11-74.4-3.5 of the Illinois Municipal Code (Tax Increment Allocation Redevelopment Act)
  • Takes effect immediately upon becoming law

Legislative Description

MUNI CD-TIF-COMPLETION DATES

Last Action

Added Co-Sponsor Rep. Chris Miller

4/2/2021

Committee Referrals

Rules3/27/2021
Property Tax3/11/2021
Revenue & Finance3/2/2021
Rules2/10/2021

Full Bill Text

No bill text available