RIVER EDGE ZONES Senate SponsorsSen. Chris Lauzen 1/9/2007SenateSession Sine Die New Act20 ILCS 605/605-907 new20 ILCS 715/535 ILCS 5/201from Ch. 120, par. 2-20135 ILCS 5/203from Ch. 120, par. 2-20335 ILCS 105/12from Ch. 120, par. 439.1235 ILCS 110/12from Ch. 120, par. 439.4235 ILCS 115/12from Ch. 120, par. 439.11235 ILCS 120/2-54 new35 ILCS 200/18-170415 ILCS 5/58.13415 ILCS 5/58.14Creates the River Edge Redevelopment Zone Act. Sets forth procedures for the creation of 2 pilot zones, one in the City of East St. Louis and one in the City of Aurora, to be designated and certified as a River Edge Redevelopment Zone. Sets forth procedures for amendments to and decertifications of zones. Sets forth procedures for the adoption of tax increment financing within a zone. Contains other provisions concerning zone administration. Amends the Department of Commerce and Economic Opportunity Law of the Illinois Civil Administrative Code. Authorized the Department of Commerce and Economic Opportunity to establish and maintain a program to provide grants and assistance with respect to River Edge Redevelopment Zones. Amends the Corporate Accountability For Tax Expenditures Act. Includes, within the definition of "developmental assistance", tax credits, exemptions, grants, and loans concerning River Edge Redevelopment Zones. Amends the Illinois Income Tax Act. Provides that certain existing credits apply to business enterprises within a River Edge Redevelopment Zone. Creates a River Edge Redevelopment Zone site remediation tax credit. Creates a deduction for dividends paid by a corporation that operates within a River Edge Redevelopment Zone. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Creates an exemption for building materials to be incorporated into real estate within a River Edge Redevelopment Zone. In various Acts, exempts the tax credits and deductions for River Edge Redevelopment Zones from tax sunset provisions. Amends the Property Tax Code. Authorizes taxing districts to abate property taxes for property within River Edge Redevelopment Zones. Amends the Environmental Protection Act. Provides that sites within River Edge Redevelopment Zones are included as brownfield sites under the Municipal Brownfields Redevelopment Grant Program. Requires the Environmental Protection Agency to jointly review, with the Department of Commerce and Economic Opportunity, applications for the Environmental Remediation Tax Credit and sets the fee for review at $250 for each site. Increases the maximum brownfield grant from $240,000 to $2,000,000 for River Edge Development Zone sites. Makes other changes. Effective immediately. 5/3/2006SenateFiled with Secretary by Sen. Chris Lauzen 5/3/2006SenateFirst Reading 5/3/2006SenateReferred to Rules 1/9/2007SenateSession Sine Die