SB 266 Summary

• Amends the Plant Rehabilitation District Act to include "existing facilities" as eligible properties for industrial facilities exemption certificates, alongside speculative buildings, new facilities, and replacement facilities.

• Levies an industrial facility tax and administrative fee on owners of qualifying facilities, calculated at the same rate as local ad valorem property taxes and distributed to state and local taxing units according to existing disbursement formulas.

• Allows local governmental units to exempt qualified start-up businesses from industrial facility taxes for up to 5 years on a non-consecutive basis, following the same procedures as general property tax exemptions.

• Permits certificate holders to request revocation of exemptions in whole or in part (real or personal property component), and allows local legislative bodies to request revocation for non-compliance with completion deadlines or good faith requirements.

• Establishes that industrial facilities exemption certificates remain valid for periods determined by local legislative bodies, ending no more than 12 years after facility completion or certificate issuance, with provisions for certificate renewal and transfer to subsequent owners.