summary
Introduced
02/06/2026
02/06/2026
In Committee
02/06/2026
02/06/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Illinois Enterprise Zone Act. Provides that, if a municipality has adopted an enterprise zone pursuant to the Act and subsequently establishes a redevelopment project area pursuant to the Tax Increment Allocation Redevelopment Act, the municipality may provide for a partial abatement of taxes for property located within both the enterprise zone and the redevelopment project area. Provides that, if a municipality has established a redevelopment project area pursuant to Tax Increment Allocation Redevelopment Act and subsequently adopts an enterprise zone that includes property within the redevelopment project area, the municipality may provide for a partial abatement of taxes for property located within both the enterprise zone and the redevelopment project area. Amends the Statewide Innovation Development and Economy Act. Provides that certain local hotel taxes are considered local taxes for purposes of the Act.
AI Summary
This bill allows municipalities to partially abate property taxes for properties located in areas that are simultaneously designated as both an enterprise zone and a tax increment redevelopment project area, regardless of which designation was established first, and also clarifies that certain local hotel taxes are considered local taxes for the purposes of the Statewide Innovation Development and Economy Act, which governs STAR bonds (Sales Tax and Revenue bonds used for economic development projects).
Sponsors (1)
Last Action
Referred to Assignments (on 02/06/2026)
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