Bill Title: Amends the Economic Development Area Tax Increment Allocation Act. Provides that, if the maximum duration for obligations allowed under an economic development plan is less than the maximum duration allowed under the Act, a municipality may, by ordinance, amend the plan to increase the duration up to the maximum duration allowed under the Act. Provides that obligations secured by the special tax allocation fund for an economic development project area shall mature not later than 38 years (now, 23 years) from the date of establishment of the economic development project area. Provides that, under the Act, a municipality has the power to acquire and operate public improvements. Makes other changes. Effective immediately.

Sponsorship: Bipartisan Bill

Status: (Failed) 2013-01-08 - Session Sine Die [HB3435 Detail]

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Bill Drafts

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Introduced	Not Avail	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB3435

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB3435 currently on file.