Bill Status of SB0085

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SB0085 - 104th General Assembly

TIF EXTENSION RESTRICTIONS
Last Action
4/11/2025 - Senate: Rule 3-9(a) / Re-referred to Assignments
Statutes Amended In Order of Appearance
65 ILCS 5/11-74.4-3.5
Synopsis As Introduced
Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that, on and after the effective date of the amendatory Act, before the estimated dates of completion of a redevelopment project and retirement of obligations issued to finance development project costs (including refunding bonds) are extended to the 35th or 47th years, the municipality must submit to the Governor, President of the Senate, and Speaker of the House of Representatives written support for the extension of the life of the redevelopment project area from each school district, community college district, and park district that has authority to directly levy taxes on property within the redevelopment project area. Provides that a municipality may only submit written support to extend a redevelopment project area to the 35th year within the 5 years prior to the estimated date of completion of the redevelopment project and may only submit written support to extend a redevelopment project area to the 47th year within one year prior to the estimated date of completion of the redevelopment project area. Effective immediately.
Actions
Date Chamber Action
1/17/2025 Senate Filed with Secretary by Sen. Mary Edly-Allen
1/17/2025 Senate First Reading
1/17/2025 Senate Referred to Assignments
1/22/2025 Senate Assigned to Executive
1/29/2025 Senate Added as Chief Co-Sponsor Sen. Michael W. Halpin
2/19/2025 Senate To Government Operations
3/21/2025 Senate Rule 2-10 Committee Deadline Established As April 11, 2025
4/04/2025 Senate Added as Co-Sponsor Sen. Rachel Ventura
4/04/2025 Senate Added as Co-Sponsor Sen. Ram Villivalam
4/04/2025 Senate Added as Chief Co-Sponsor Sen. Mark L. Walker
4/11/2025 Senate Rule 3-9(a) / Re-referred to Assignments