IL SB2344

Creates the Statewide Innovation Development and Economy Act, authorizing municipalities and counties to establish STAR bond districts and issue sales tax and revenue (STAR) bonds to finance major tourism, entertainment, retail, and related development projects in underserved areas

Limits STAR bond projects to one per each of Illinois's 10 Economic Development Regions, with each district eligible to receive up to 50% of total development costs, capped at $75,000,000 in State sales tax increment

Requires STAR bond districts to be located at least 50 miles from existing STAR bond districts, within 15 miles of a state or federal interstate highway, in areas with at least 10,000 residents within a one-mile radius, and excludes municipalities with populations exceeding 2,000,000 (Chicago)

Mandates development users make minimum capital investments of $30,000,000 and projects must generate at least $60,000,000 in annual gross sales revenues and create 300 new jobs, with penalties of $1,500 per job shortfall assessed annually if targets are not met by the fifth anniversary

Establishes a STAR Bonds School Improvement and Operations Trust Fund that receives 15% of property taxes from increased equalized assessed value within STAR bond districts, distributed to school districts in educational service regions containing the districts