summary
Introduced
02/07/2025
02/07/2025
In Committee
06/02/2025
06/02/2025
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Creates the Statewide Innovation Development and Economy Act. Provides that the purpose of the Act is to promote, stimulate, and develop the general and economic welfare of the State of Illinois and its communities and to assist in the development and redevelopment of major tourism, entertainment, retail, and related projects within eligible areas of the State, thereby creating new jobs, stimulating significant capital investment, and promoting the general welfare of the citizens of this State, by authorizing municipalities and counties to issue sales tax and revenue (STAR) bonds for the financing of STAR bond projects and to otherwise exercise the powers and authorities granted to municipalities to provide incentives to create new job opportunities and to promote major tourism, entertainment, retail, and related projects within the State. Provides that the Office of the Governor, in consultation with the Department of Commerce and Economic Opportunity, shall have final approval of all STAR bond districts and STAR bond projects established under this Act, which may be established throughout the 10 Economic Development Regions in the State as established by the Department of Commerce and Economic Opportunity. Provides that regardless of the number of STAR bond districts established within any Economic Development Region, only one STAR bond project may be approved in each of the 10 Regions, excluding projects located in STAR bond districts established under the Innovation Development and Economy Act. Provides that each STAR bond district in which a STAR bonds project has been approved may only receive 50% of the total development costs up to $75,000,000 in State sales tax increment. Provides that a STAR bond district under the Act may not be located either entirely or partially inside of a municipality with a population in excess of 2,000,000. Effective immediately.
AI Summary
This bill creates the Statewide Innovation Development and Economy Act (STAR Bond Act), which establishes a mechanism for municipalities and counties to create special economic development districts called STAR bond districts. The bill allows these districts to issue sales tax and revenue (STAR) bonds to finance large-scale tourism, entertainment, retail, and related development projects. Key provisions include limiting the program to one project per Economic Development Region, capping state sales tax increment at $75 million per region, and requiring projects to meet specific economic development criteria such as creating at least 300 new jobs and making a minimum $30 million capital investment. The Office of the Governor, in consultation with the Department of Commerce and Economic Opportunity, will have final approval of STAR bond districts, and projects cannot be located in municipalities with populations over 2 million. The bill includes detailed requirements for establishing districts, approving projects, issuing bonds, and monitoring economic impacts, with a specific focus on creating new job opportunities, stimulating capital investment, and promoting economic development in Illinois. Additionally, the bill mandates a seven-year review of the program by a special committee to assess its economic benefits and potential continuation.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Rule 3-9(a) / Re-referred to Assignments (on 06/02/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2344&GAID=18&DocTypeID=SB&SessionID=114&GA=104 |
| BillText | https://www.ilga.gov/legislation/104/SB/10400SB2344.htm |
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