IL SB2053

Reduces the matching fund requirement for convention and tourism bureaus receiving Local Tourism Fund grants from the Department of Commerce and Economic Opportunity to 25% of the grant amount for Fiscal Year 2026 and all subsequent years, down from the previously scheduled 40% in FY2026 and 50% thereafter

Redirects portions of Hotel Operators' Occupation Tax revenue repayments from the Illinois Sports Facilities Authority beginning July 1, 2025: after depositing $77,916,800 into the General Revenue Fund, excess amounts go to the Local Tourism Fund

Beginning July 1, 2026, distributes additional repayment amounts beyond the initial $77,916,800 and $4,142,400 allocation as follows: 56% to Tourism Promotion Fund, 23% to Local Tourism Fund, 14% to Chicago Travel Industry Promotion Fund, and 7% to International Tourism Fund

Modifies the Illinois Sports Facilities Authority Act to align with the new revenue distribution structure, directing repayments to be deposited as provided in the Hotel Operators' Occupation Tax Act rather than directly into the General Revenue Fund

Takes effect immediately upon becoming law