Summary of SB 1081

• Amends the Local Development Finance Authority Act to expand definitions and eligibility criteria for tax increment financing districts and development areas.

• Adds new definitions for alternative energy technology, certified alternative energy parks, and transit-oriented facilities and developments as eligible property types for tax increment financing.

• Establishes business incubators in certified technology parks as eligible property and authorizes public funding for laboratory facilities, research and development facilities, and alternative energy support facilities within certified parks.

• Expands urban township eligibility requirements to include townships seeking or participating in certified alternative energy parks, and clarifies procedures for calculating captured assessed value and tax increment revenues including state education taxes under limited circumstances.

• Effective December 22, 2010.