IL HB1222

Prohibits the General Assembly from approving extensions of Tax Increment Financing (TIF) redevelopment projects beyond 35 years after the original ordinance adoption date, effective immediately upon enactment

Amends the Tax Increment Allocation Redevelopment Act within the Illinois Municipal Code (65 ILCS 5/11-74.4-3.5)

Allows existing TIF extensions to 47 years that were previously authorized to proceed only if the municipality adopted the extending ordinance on or before the effective date of this amendatory Act

Applies to retirement of redevelopment project obligations, including refunding bonds issued to finance redevelopment project costs

Takes effect immediately upon becoming law