Illinois SB2344 establishes the Statewide Innovation Development and Economy Act to promote economic development through STAR bond districts.
Illinois SB2344 creates the Statewide Innovation Development and Economy Act, authorizing municipalities and counties to issue STAR bonds for major tourism, entertainment, retail, and related projects. The Act allows for the establishment of STAR bond districts, which can receive up to 50% of total development costs in State sales tax increment, up to $75,000,000 per Economic Development Region. The Office of the Governor, in consultation with the Department of Commerce and Economic Opportunity, approves STAR bond districts and projects.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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