IL HB4543

Amends Tax Increment Allocation Redevelopment Act to change when the 23-year expiration period begins for redevelopment project areas created after the bill's effective date, starting from when the first project uses special tax allocation fund moneys rather than when the ordinance was adopted.

For new ordinances adopted after the effective date, the 23-year period must commence no later than 10 years after the ordinance adoption date, even if no projects have started using the funds.

Extends the expiration period to 35 calendar years for redevelopment project areas located within transit facility improvement areas.

Prohibits further extensions of redevelopment project areas to the 47th calendar year after January 8, 2025 unless authorized by a future Public Act of the 103rd General Assembly.

Takes effect immediately and establishes specific completion date rules for numerous individual municipalities' redevelopment project areas.