IL HB5098

Creates the Chicago Downtown Revitalization Task Force to analyze taxes, economic incentives, and trends impacting downtown Chicago's Central Business District and associated neighborhoods.

Task Force membership consists of 24 members including four legislative appointees, state agency directors, the Chicago Mayor, City Council member, and representatives from commercial real estate, restaurant, retail, residential, hotel, cultural, labor, and business interests.

Task Force must conduct analysis of all state and local taxes and incentives affecting downtown Chicago, research economic trends including office occupancy and retail sales, examine national post-pandemic revitalization best practices, assess industry clusters, and make policy recommendations.

Task Force shall submit initial report within 12 months of the Act's effective date and periodic updates thereafter detailing findings, actions taken, and planned efforts to revitalize downtown Chicago.

Task Force dissolves 5 years after the effective date and the Act repeals on January 1, 2031.