HB 4712

Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that not more than 5% of all surplus funds in the special tax allocation fund may be distributed. Provides that surplus funds in the special tax allocation fund may be distributed not more than once every 10 years (rather than annually). Provides that, if the termination date for a redevelopment project area is extended beyond the 23rd calendar year after the year in which the ordinance approving the redevelopment project area was adopted, then following the 23rd calendar year, no surplus funds may be distributed until the redevelopment project area is terminated. Effective immediately.