IL SB3574

Eliminates the admissions tax for riverboats in operation on January 1, 2009 that have approved capital projects of at least $45,000,000 (or made $45,000,000 in expenditures) during calendar years 2006-2009.

Imposes an additional 1% privilege tax on adjusted gross receipts for qualifying riverboats where the admissions tax is eliminated.

Directs monthly payments of the 1% privilege tax proceeds to the unit of local government designated as the home dock of each qualifying riverboat.

Maintains existing tiered privilege tax rates on adjusted gross receipts for all riverboat gambling operations, with rates ranging from 15% to 70% depending on receipt levels.

Takes effect immediately upon becoming law.