Illinois HB 4712: PENCD-DEFINED CONTRIBUTION PLN

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB4712

Introduced , by Rep. Robert "Bob" Rita 

SYNOPSIS AS INTRODUCED:

65 ILCS 5/11-74.4-7 from Ch. 24, par. 11-74.4-7

65 ILCS 5/11-74.4-8 from Ch. 24, par. 11-74.4-8

 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.

LRB104 18094 RTM 31533 b

A BILL FOR

HB4712LRB104 18094 RTM 31533 b

1 AN ACT concerning local government.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Municipal Code is amended by 

5changing Sections 11-74.4-7 and 11-74.4-8 as follows:

6 (65 ILCS 5/11-74.4-7) (from Ch. 24, par. 11-74.4-7)

7 Sec. 11-74.4-7. Obligations secured by the special tax 

8allocation fund set forth in Section 11-74.4-8 for the 

9redevelopment project area may be issued to provide for 

10redevelopment project costs. Such obligations, when so issued, 

11shall be retired in the manner provided in the ordinance 

12authorizing the issuance of such obligations by the receipts 

13of taxes levied as specified in Section 11-74.4-9 against the 

14taxable property included in th