IL SB3169

Imposes a 4% tax on hosting platforms (like Airbnb) on 94% of gross rental receipts from short-term rentals (under 30 days) in Illinois, effective January 1, 2027

Creates the Community Land Trust Fund in the State treasury, with proceeds from the new short-term rental tax deposited into this fund

Directs the Illinois Housing Development Authority to use fund moneys for development, staffing, capacity building, and technical assistance for community land trusts statewide

Grants property tax exemptions to non-profit community land trusts for property used exclusively to create and maintain permanently affordable single-family or multifamily residences

Property tax exemption applies from the year the community land trust acquires the property through the year it is sold to a homeowner