IL SB3475

Operators of hotels must file monthly returns with the Department stating rental receipts, tax amounts, and other required information, with provisions for quarterly or annual filing if average monthly tax liability does not exceed $200 or $50 respectively.

Hotel operators receive a discount of 2.1% or $25 per calendar year (whichever is greater) on taxes paid to reimburse expenses for record-keeping, return preparation, and filing.

Until July 1, 2024, hotel tax revenue is distributed with 40% to Build Illinois Fund and remaining 60% split among Illinois Sports Facilities Fund, Local Tourism Fund, Chicago Travel Industry Promotion Fund, and International Tourism Fund.

Beginning July 1, 2024, revenue distribution changes to 50% into Build Illinois Fund and 50% allocated to sports facilities funding first, then tourism funds in the following percentages: 56% Tourism Promotion Fund, 23% Local Tourism Fund, 14% Chicago Travel Industry Promotion Fund, and 7% International Tourism Fund.

The "Advance Amount" for sports facilities funding is defined as $22,179,000 for fiscal year 2002, increasing 105.615% annually through fiscal year 2033, rounded to the nearest $1,000.