IL HB4407

Amends the Tax Increment Allocation Redevelopment Act to change when the 23-year TIF district expiration clock begins for ordinances adopted after this act takes effect—starting from when the first project uses special tax allocation fund money rather than when the ordinance was adopted.

Requires the 23-year expiration period to begin no later than 10 years after ordinance adoption, even if no projects have started using fund money, for newly created TIF districts.

Adjusts the 35-year extension provisions to align with the new start date calculation for TIF districts created after the act's effective date.

Prohibits any extensions of redevelopment project areas to the 47th calendar year after this act takes effect.

Takes effect immediately upon becoming law.