SB2896

SB2896 amends Illinois Municipal Code to redefine "redevelopment project costs" and adjust tax increment distribution.

SB2896 amends the Illinois Municipal Code to redefine "redevelopment project costs" and adjust the distribution of tax increment revenues. It specifies that redevelopment project costs include costs related to the construction, reconstruction, rehabilitation, remodeling, or repair of transit facilities. It also modifies the conditions under which certain costs are eligible for tax increment financing. The bill adjusts the distribution of tax increment revenues among municipalities, ensuring that certain municipalities receive 100% of their Net State Sales Tax Increment.