IL SB3515

Expands the definition of "institution of public charity" under the Property Tax Code to include nonprofit entrepreneurial support organizations that mentor and train entrepreneurs, provided they have 501(c)(3) tax-exempt status.

Requires qualifying organizations to demonstrate their property is used for typical entrepreneurial support services such as programming, educational facilities, and community networking resources.

Establishes that entrepreneurial support organizations qualify for property tax exemption if the value of their charitable services equals or exceeds the estimated property tax liability for that year.

Declares the amendments to be clarifications of existing law with retroactive effect, applying to all pending actions regardless of when the cause of action arose.