Illinois HB4712 amends the Tax Increment Allocation Redevelopment Act to modify rules for surplus funds in special tax allocation funds for.
Illinois HB4712 amends the Tax Increment Allocation Redevelopment Act to change the rules for distributing surplus funds in special tax allocation funds for redevelopment projects. The bill limits the distribution of surplus funds to no more than 5% of all surplus funds in the special tax allocation fund, and these funds can only be distributed once every 10 years.
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