SB3236

SB3236 amends tax increment allocation financing for redevelopment projects in Illinois.

SB3236 amends the Tax Increment Allocation Redevelopment Act to modify how surplus funds in special tax allocation funds are managed. It limits the distribution of surplus funds to no more than 5% of the total funds every 10 years. If a redevelopment project area's termination date is extended beyond 23 years, no surplus funds can be distributed until the area is terminated. The bill also specifies how taxes are allocated and managed within redevelopment project areas, including the roles of municipal treasurers, county collectors, and special tax allocation funds. Effective immediately.