SB3773

Illinois SB3773 creates the Community Revitalization Zone Act, allowing counties and municipalities to designate redevelopment zones.

Illinois SB3773 establishes the Community Revitalization Zone Act, enabling counties and municipalities to designate specific areas as community redevelopment zones. These zones require certification from the Department of Commerce and Economic Opportunity and must meet certain criteria. The bill also amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act, imposing a 3.25% tax rate on tangible personal property purchased from retailers in these zones. The changes are effective immediately.