IL SB0642

Extends completion dates for Tax Increment Financing (TIF) districts in multiple Illinois municipalities to 35 years after adoption, adding new TIF extensions for Chicago's Roseland/Michigan, Chicago/Central Park, Avalon Park/South Shore, and Commercial Avenue redevelopment areas, as well as Millstadt TIF District #1, Mattoon's Midtown area, and Sterling's Rock River Redevelopment

Increases the maximum household income limit for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption from $65,000 to $75,000 for tax year 2026, $77,000 for 2027, and $79,000 for 2028 and thereafter

Raises the maximum household income threshold for the Senior Citizens Real Estate Tax Deferral Program to $75,000 for tax year 2025, $77,000 for 2026, and $79,000 for 2027 and thereafter, and permanently increases the annual deferral cap to $7,500 (previously set to revert to $5,000 after 2025)

Extends the due date for Cook County's first installment property tax payment for tax year 2025 to April 1, 2026, with delinquent payments accruing interest at 0.75% per month

Authorizes county clerks to create and administer payment plans for properties with tax certificates held by the county, with authority to waive interest penalties when payments are made according to the plan terms