SB2509 Summary

• Allows surplus tax increment allocation (TIF) revenues to be used to pay for special education, social services, and other costs of public school districts in addition to being returned to taxing districts.

• For municipalities with a population over 1,000,000, requires that surplus TIF fund balances be entirely used to pay for qualified workers, special educational facilities and services, school psychological services, and school social work services for public school districts.

• Removes provisions that allowed anticipated redevelopment project costs to be counted as surplus funds available for distribution.

• Applies to TIF redevelopment project areas designated under the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code (65 ILCS 5/11-74.4).