Amends the Property Tax Code. Provides that a county opting out of the special assessment programs to reduce the assessed value of certain residential real property shall not disqualify or shorten the maximum eligibility periods for any property approved to receive a reduced valuation prior to the county opting out. Requires that the special assessment programs be available to all qualifying residential real property regardless of whether or not the property has or is currently receiving any other public financing or subsidies or subject to any regulatory agreements with any public entity, or both. If an owner is approved for the reduced valuation prior to December 31, 2037 and the provisions are not subsequently extended, this shall not disqualify or shorten the maximum eligibility periods for any property approved to receive a reduced valuation. Provides that, if the chief county assessment officer has not created application forms, the chief county assessment officer shall make publicly available and accept applications forms that shall be available to local governments from the Illinois Department of Revenue. If a county Internet website exists, the application materials, as well as any other program requirements used by the county (such as application deadlines, fees, and other procedures required by the application) must be published on that website, otherwise it must be available to the public upon request at the office of the chief county assessment officer. On an annual basis, requires the Illinois Housing Development Authority to calculate and make available on its website the minimum per square foot expenditure requirements to be applicable statewide to be eligible for the reduced valuation, which shall include the historical annual expenditure requirements starting with calendar year 2021. Changes reference to improvements to existing residential real property to substantially rehabilitated residential real property. Makes other changes.
Senate Committee Amendment No. 1: Provides that a property owner may apply for the reduction in assessed valuation under an affordable housing program through December 31, 2034 (in the introduced bill, December 31, 2037).
Senate Committee Amendment No. 2: Replaces references to substantially rehabilitated residential real property with the term qualifying rehabilitation of a residential real property. Changes references from qualifying residential real property to qualifying developments. Defines "qualifying development". Requires the Department of Revenue to publish on its website data concerning increases, if any, in the Consumer Price Index. Provides that the minimum per square foot expenditure requirements to be applicable statewide as of April 1 of each year to be eligible for the reduced valuation shall be based on the Consumer Price Index data on the Department of Revenue's website. Provides that, in counties with a population of 3,000,000 or more, by March 15 of each year, the county assessor shall calculate and make available on its website the minimum per square foot expenditure requirements for the Affordable Housing Special Assessment Program. Makes other changes.
Senate Floor Amendment No. 3: Specifies, for purposes of the Act, that, only in counties with a population of 3,000,000 or more, may a portfolio of properties consisting of 7 or more total rental dwelling units across 2 or more multifamily rental buildings that meet certain requirements be considered a qualifying development.
House Floor Amendment No. 1: Replaces everything after the enacting clause. Amends the State Finance Act. Provides that the sum of $17,653,153 shall be transferred from the General Revenue Fund to the Audit Expense Fund. Amends the Illinois Income Tax Act. Removes provisions providing that the pass-through entity level election applies only for tax years beginning prior to January 1, 2026. Provides that an addition modification and corresponding deduction for a bonus depreciation deduction under subsection (k) of Section 168 of the Internal Revenue Code also apply to a bonus depreciation deduction for qualified production property under subsection (n) of Section 168 of the Internal Revenue Code. Amends the Film Production Services Tax Credit Act of 2008. Makes changes concerning the credit amount. Provides that wages paid to no more than 2 executive producers per accredited production may be considered Illinois labor expenditures. Creates an exception to the 2-producer limitation for executive producers who receive compensation for other positions on the accredited production. Makes changes concerning conditions under which wages paid to nonresidents qualify as Illinois labor expenditures. Provides that no new credits may be awarded under the Act for tax years beginning on or after January 1, 2039. Amends the Illinois Income Tax Act. Provides that, with respect to compensation paid for in-State services performed for an accredited production under the Film Production Services Tax Credit Act, if the compensation is paid through a loan out company, then the production company or its authorized payroll service company shall withhold taxes on that compensation. Effective immediately.
House Floor Amendment No. 3: Adds provisions creating the Statewide Innovation Development and Economy Act. Provides that the purpose of the Act is to assist in the development and redevelopment of major tourism, entertainment, retail, and related projects within eligible areas of the State by authorizing municipalities and counties to issue sales tax and revenue (STAR) bonds for the financing of STAR bond projects and to otherwise exercise the powers and authorities granted to municipalities to provide incentives to create new job opportunities and to promote major tourism, entertainment, retail, and related projects within the State. Provides that the Office of the Governor, in consultation with the Department of Commerce and Economic Opportunity, shall have final approval of all STAR bond districts and STAR bond projects established under the Act, which may be established throughout the 10 Economic Development Regions in the State.
House Floor Amendment No. 4: Makes changes to the Statewide Innovation Development and Economy Act concerning project labor agreements.

Statutes affected:
Introduced: 35 ILCS 200/15
Engrossed: 35 ILCS 200/15
Enrolled: 30 ILCS 105/6, 35 ILCS 5/201, 35 ILCS 5/203, 35 ILCS 5/701, 20 ILCS 2505/2505, 35 ILCS 16/10, 35 ILCS 16/42