IL SB2178

Creates "southland reactivation property" designation for vacant or abandoned commercial/industrial property in six Cook County townships (Bloom, Bremen, Calumet, Rich, Thornton, Worth) held by the South Suburban Land Bank and Development Authority or Cook County Land Bank Development Authority.

Caps aggregate annual tax liability at $100,000 for the first 3 tax years after certification, with property valued at its last known equalized assessed value before becoming exempt.

Increases tax liability annually in years 4-12 by the lesser of 5% or the Consumer Price Index percentage change, ensuring no annual decrease in liability.

Requires municipalities to designate property by resolution based on criteria including 3+ years of declining real estate taxes, vacancy for 12+ months, cleared past tax debts, and proof that development would not occur without the designation.

Participating entities must collect and report annual data on applicants, investments, job creation, and certifications to assess program effectiveness and report to the General Assembly after the 5-year designation period.