TIF-COMPLETION

Amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. Provides that, if the ordinance approving the redevelopment project area was adopted on or after July 1, 2025, then the estimated dates of completion of the redevelopment project and the retirement of obligations issued to finance redevelopment project costs may not be later than December 31 of the year in which the payment to the municipal treasurer is to be made with respect to ad valorem taxes levied in the 15th (currently, 23rd) calendar year after the year in which the ordinance approving the redevelopment project area was adopted. Effective immediately.