SB 2542

Abstract

Amends the Illinois Enterprise Zone Act. Requires the owners of all businesses that want to locate in an enterprise zone to disclose all of their landholdings within the enterprise zone. Provides that refusal to make the disclosure rescinds all enterprise zone tax incentives provided to the business. Amends the Public Officer Prohibited Activities Act. Requires disclosure of the identity of any member, shareholder, limited partner, or general partner entitled to receive any percentage (now, more than 7.5%) of the total distributable income of any limited liability company, corporation, or limited partnership having any interest in real property that is the subject of a contract by and between the State or any unit of local government or any State or local government agency. Provides that, if the interest, stock, or shares in a limited liability company, corporation, or general partnership is publicly traded and there is no readily known individual having any interest (now, greater than a 7.5% interest), then a statement to that effect will fulfill the disclosure statement requirement. Effective immediately.