summary
Introduced
01/30/2026
01/30/2026
In Committee
02/06/2026
02/06/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that not more than 5% of all surplus funds in the special tax allocation fund may be distributed. Provides that surplus funds in the special tax allocation fund may be distributed not more than once every 10 years (rather than annually). Provides that, if the termination date for a redevelopment project area is extended beyond the 23rd calendar year after the year in which the ordinance approving the redevelopment project area was adopted, then following the 23rd calendar year, no surplus funds may be distributed until the redevelopment project area is terminated. Effective immediately.
AI Summary
This bill amends the Tax Increment Allocation Redevelopment Act to change how surplus funds from a special tax allocation fund, which is a fund used to finance redevelopment projects, are distributed. Specifically, it limits the distribution of these surplus funds to no more than 5% of the total surplus and restricts distributions to once every 10 years, rather than annually. Furthermore, if a redevelopment project area's termination date is extended beyond 23 years from when it was approved, no surplus funds can be distributed until the project area is officially terminated.
Sponsors (1)
Last Action
Referred to Rules Committee (on 02/06/2026)
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