HB4407

Illinois HB4407 amends the Tax Increment Allocation Redevelopment Act to adjust the expiration dates of redevelopment project areas.

Illinois HB4407 amends the Tax Increment Allocation Redevelopment Act to modify the expiration dates of redevelopment project areas. For redevelopment project areas established after the effective date of the amendatory Act, the expiration date is set for the 23rd year following the adoption of the ordinance. For certain specified areas, the expiration date is extended to the 35th year. The bill also specifies that no further extensions beyond the 35th year are allowed after the effective date of the amendatory Act.