IL HB2761

Allows counties, municipalities, villages, and townships to abate all or part of property taxes on qualified tool and manufacturing businesses beginning in taxable year 2015, upon approval of an ordinance or resolution.

Permits taxing districts located within those jurisdictions to also abate all or part of their taxes on the same property after the initial jurisdiction approves its abatement.

Defines "qualified tool and manufacturing business" as a business with fewer than 75 full-time employees and NAICS classification in manufacturing sectors including plastics, metals, machinery, computers, electrical equipment, transportation equipment, furniture, or miscellaneous manufacturing.

Defines "qualified tool and manufacturing business property" as property owned or leased by the business and used primarily for manufacturing operations, with at least 75% of gross revenue generated from tool and manufacturing operations on that property.

Takes effect immediately upon becoming law.