IL HB3693

Reduces the maximum duration of Tax Increment Financing (TIF) districts from 23 years to 15 years for new redevelopment project areas approved on or after July 1, 2025

Applies to the estimated completion dates for redevelopment projects and the retirement of obligations (including bonds) issued to finance redevelopment costs

Existing TIF districts approved before July 1, 2025 remain subject to the current 23-year timeline

Does not affect special exceptions already in law for specific municipalities or transit facility improvement areas, which have their own extended timelines (up to 35 or 47 years depending on the project)

Takes effect immediately upon becoming law