50 ILCS 475/5-1
Short title
Short title. This Act may be cited as the Statewide Innovation Development and Economy Act. References in this Article to "this Act" mean this Article. (Source: P.A. 104-453, eff. 12-12-25.)
Illinois Compiled Statutes 50 ILCS 475 — Statewide Innovation Development and Economy Act.
Illinois · statute · 50 ILCS 475 · 22 active provisions
Provisions
50 ILCS 475/5-5
Purpose; findings
Purpose; findings. (a) The General Assembly finds and declares that the purpose of this Act is to promote, stimulate, and develop the general and economic welfare of the State of Illinois and its communities and to assist in the development and redevelopment of major tourism, entertainment, retail, and related projects…
50 ILCS 475/5-10
Definitions
Definitions. In this Act: "Base year" means the calendar year immediately before the calendar year in which the Office of the Governor approves the first STAR bond project within the STAR bond district. "Commence work" means the manifest commencement of actual operations on the development site, such as erecting a buil…
50 ILCS 475/5-15
Limitations on STAR bond districts and STAR bond projects
Limitations on STAR bond districts and STAR bond projects. The Office of the Governor, in consultation with the Department, the Department of Revenue, and the Governor's Office of Management and Budget, shall have final approval of all STAR bond districts and STAR bond projects established under this Act, which may be…
50 ILCS 475/5-20
Establishment of STAR bond district
Establishment of STAR bond district. (a) The corporate authorities of a municipality may establish a STAR bond district within an eligible area within the municipality or partially outside the boundaries of the municipality in an unincorporated area of the county. A STAR bond district that is partially outside the boun…
50 ILCS 475/5-25
Master developer standards
Master developer standards. The master developer appointed for the STAR bond district shall meet high standards of creditworthiness and financial strength, as demonstrated by one or more of the following: (i) corporate debenture ratings of BBB or higher by Standard & Poor's Corporation or Baa or higher by Moody's Inves…
50 ILCS 475/5-30
Approval of STAR bond projects
Approval of STAR bond projects. (a) The corporate authorities of a political subdivision seeking to establish a STAR bond project in an approved STAR bond district must submit a proposed STAR bond project plan to the Department, the Department of Revenue, and the Governor's Office of Management and Budget on or before…
50 ILCS 475/5-35
Approval of STAR bond projects in NOVA districts
Approval of STAR bond projects in NOVA districts. Notwithstanding any other provision of this Act, a STAR bond project may be approved within each STAR bond district designated as a NOVA district. Except as otherwise provided in this Act, approval of a NOVA district shall follow the same procedures applicable to STAR b…
50 ILCS 475/5-40
Codevelopers and subdevelopers
Codevelopers and subdevelopers. (a) Upon approval of a STAR bond project by the political subdivision, the master developer may, subject to the approval of the State and the political subdivision, develop the STAR bond project on its own or it may develop the STAR bond project with another developer, which may include…
50 ILCS 475/5-45
STAR bonds; source of payment
STAR bonds; source of payment. (a) Any political subdivision shall have the power to issue STAR bonds in one or more series to finance the undertaking of any STAR bond project in accordance with the provisions of this Act and the Omnibus Bond Acts. Any STAR bond project approved under this Act may be completed in one o…
50 ILCS 475/5-50
STAR bond occupation taxes
STAR bond occupation taxes. (a) If the corporate authorities of a political subdivision have established a STAR bond district and have elected to impose a tax by ordinance under subsection (b) or (c) of this Section, each year after the date of the adoption of the ordinance and until all STAR bond project costs and all…
50 ILCS 475/5-55
STAR Bonds School Improvement and Operations Trust Fund
STAR Bonds School Improvement and Operations Trust Fund. (a) Deposits into the STAR Bonds School Improvement and Operations Trust Fund, established under Section 33 of the Innovation Development and Economy Act, shall be made as provided under this Section. Moneys in the Trust Fund shall be used by the Department of Re…
50 ILCS 475/5-60
Alternate bonds and general obligation bonds
Alternate bonds and general obligation bonds. A political subdivision shall have the power to issue alternate revenue and other general obligation bonds to finance the undertaking, establishment, or redevelopment of any STAR bond project as provided under the procedures set forth in the Local Government Debt Reform Act…
50 ILCS 475/5-65
Amendments to STAR bond district
Amendments to STAR bond district. (a) Any addition of real property to a STAR bond district or any substantial change to a STAR bond district plan shall be subject to the same procedure for public notice, hearing, and approval, including approval by the Department and the Office of the Governor, as is required for the…
50 ILCS 475/5-70
Restrictions
Restrictions. STAR bond districts may lie within an enterprise zone. During any period of time that STAR bonds are outstanding for a STAR bond district, a developer may not use any land located in the STAR bond district for any retail store whose primary business is the sale of automobiles, including trucks and other a…
50 ILCS 475/5-75
Reporting taxes
Reporting taxes. (a) Notwithstanding any other provisions of law to the contrary, the Department of Revenue shall provide a certified report of the State sales tax increment and local sales tax increment from all taxpayers within a STAR bond district to the bond trustee, escrow agent, or paying agent for such bonds upo…
50 ILCS 475/5-80
Review committee
Review committee. Upon the seventh anniversary of the first date of distribution of State sales tax increment from the first STAR bond project in the State under this Act, a 7-member STAR bonds review committee shall be formed consisting of one appointee of each of the Director, the Director of the Governor's Office of…
50 ILCS 475/5-85
Severability
Severability. If any provision of this Act or the application thereof to any persons or circumstances is held invalid, such invalidity shall not affect other provisions or application of the Act that can be given effect without the invalid provisions or application and to this end the provisions of this Act are declare…
50 ILCS 475/5-90
Rules
Rules. The Department and the Department of Revenue shall have the authority to adopt such rules as are reasonable and necessary to implement the provisions of this Act. Notwithstanding the foregoing, the Department and the Department of Revenue shall have the authority, prior to adoption and approval of those rules, t…
50 ILCS 475/5-95
Open meetings and freedom of information
Open meetings and freedom of information. All public hearings related to the administration, formation, implementation, development, or construction of a STAR bond district, STAR bond district plan, STAR bond project, or STAR bond project plan, including, but not limited to, the public hearings required by Sections 5-2…
50 ILCS 475/5-100
Powers of political subdivisions
Powers of political subdivisions. The provisions of this Act are intended to be supplemental and in addition to all other power or authority granted to political subdivisions, shall be construed liberally, and shall not be construed as a limitation of any power or authority otherwise granted. In addition to the powers…
50 ILCS 475/99-99
Effective date
Effective date. This Act takes effect upon becoming law. (Source: P.A. 104-453, eff. 12-12-25.)