IL SB0085

Municipalities seeking to extend Tax Increment Financing (TIF) redevelopment project areas to 35 years must now submit written support from all school districts, community college districts, and park districts that levy taxes on property within the TIF area to the Governor, Senate President, and House Speaker

Extensions to 35 years can only be requested within 5 years prior to the estimated completion date of the redevelopment project

Extensions to 47 years require the municipality to submit written support from affected taxing districts within one year prior to the estimated completion date of the redevelopment project

The requirement for written support from local taxing bodies applies to all future TIF extensions requested after the bill's effective date, adding a new layer of oversight to the TIF extension process