IL HB2790

Creates the Economic Development Property Tax Grant Program Act to provide property tax grants through the Department of Commerce and Economic Opportunity.

Grants are awarded to businesses approved under the Invest in Illinois Act, Economic Development for a Growing Economy Tax Credit Act, Manufacturing Illinois Chips for Real Opportunity (MICRO) Act, or Reimagining Electric Vehicles in Illinois Act that own property in underserved areas.

For years 1-5: grants equal 100% of the difference between current year and base year property taxes; years 6-10 phase down from 90% to 50% in 10% increments annually.

Grants begin in the first year real property improvements result in increased assessments and property taxes exceeding base year amounts.

Department shall adopt rules for implementation and may fund grants from sources available under the Invest in Illinois Act; takes effect immediately upon enactment.