IL SB1432

Amends the Tax Increment Allocation Redevelopment Act to require surplus funds in TIF (Tax Increment Financing) special tax allocation funds be distributed "as soon as possible" after calculation

Removes the current requirement that surplus funds be distributed annually within 180 days after the close of the municipality's fiscal year

Surplus funds are distributed to the County Collector, Department of Revenue, and the municipality in proportion to tax incremental revenue received from property value increases, state revenue, and municipal revenue

Introduced by Sen. Laura M. Murphy on January 31, 2025, in the 104th General Assembly