IL HB5834

Allows Enterprise Zones to be extended for an additional 20 years upon application by the corporate authorities of the county or municipality that designated the zone.

Changes the maximum tax exemption period for tangible personal property in Enterprise Zones from 20 years to 50 years or the certified term of the enterprise zone (including any extensions), whichever is shorter.

Increases the maximum exemption period for utility tax charges in Enterprise Zones from 30 years to 50 years or the certified term of the enterprise zone (including extensions), whichever is shorter.

Makes conforming changes to the Public Utilities Act and Retailers' Occupation Tax Act regarding tax exemptions for businesses located in Enterprise Zones.

Takes effect immediately upon passage.