IL SB4018

Municipalities may provide partial property tax abatements under Section 18-170 of the Property Tax Code for properties located in both an enterprise zone and a Tax Increment Financing (TIF) redevelopment project area, regardless of which designation was established first.

Non-abated property taxes remain subject to TIF financing, and any abatement cannot reduce or impair tax increment revenues pledged to secure outstanding bonds or other obligations of the redevelopment project area.

Local hotel taxes imposed under Section 8-3-14 of the Illinois Municipal Code or Section 5-1030 of the Counties Code are added to the definition of "local sales taxes" under the Statewide Innovation Development and Economy Act (STAR bonds program).

Taxes committed to other uses by voter election or pledged to non-STAR bond repayments prior to STAR bond project approval are excluded from the "local sales taxes" definition for STAR bond purposes.

Businesses and individuals that made substantial financial commitments to enterprise zone development before notice of ordinance amendments retain previously extended benefits and protections.