Bill Title: Amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. Provides that all accumulated tax incremental revenues not specifically appropriated for defined costs for projects within a redevelopment project area by the end of a municipality's fiscal year shall be deemed "surplus" funds. Provides that all surplus funds in the special tax allocation fund shall be distributed annually within 60 (instead of 180) days after the close of the municipality's fiscal year. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2013-01-08 - Session Sine Die [SB1620 Detail]

Text: Latest bill text (Amended) [HTML]

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