IL SB2911

Amends the Property Tax Code Section 30-25 to modify how tax reimbursement accounts are distributed to property owners within taxing districts.

Allows taxing districts to divide account funds into two pools: at least 50% into a homestead property pool and the remainder into a commercial or industrial property pool.

Homestead property owners receive proportionate shares based on ad valorem taxes paid on their homestead property under the most recent tax bill.

Excludes certain commercial or industrial property owners from receiving distributions: those in tax increment financing districts, those receiving tax incentives through intergovernmental development agreements, and owners of apartment buildings.

Defines "qualified redevelopment costs" as funds advanced by taxing districts to commercial or industrial property owners for economic development when such advancement is necessary for financial feasibility.