HB3312 Summary

• Amends the Tax Increment Allocation Redevelopment Act to prohibit the General Assembly from approving extensions of redevelopment projects beyond 35 calendar years after the year the original ordinance was adopted, effective upon enactment.

• Allows municipalities to extend 16 specifically named redevelopment project areas to 47 years if they adopt an ordinance on or before the effective date of this Act and provide notice to affected taxing bodies.

• Maintains existing provisions allowing extensions to 35 years for redevelopment projects in transit facility improvement areas and special circumstances involving specific cities and dates.

• Preserves all previously established completion dates and extension provisions for hundreds of specifically listed municipalities and their TIF districts adopted before this Act's effective date.