HOTEL TX-DEPOSITS

SB 3475 updates the rules for how revenue collected from the hotel occupation tax in Illinois is distributed. The bill changes the allocation of funds so that 40% goes to the Build Illinois Fund and the remaining 60% is split between the Illinois Sports Facilities Fund and the General Revenue Fund, with specific amounts designated for sports facility subsidies and advances. While the tax filing requirements for hotel operators remain largely the same, the law establishes a new timeline where these distribution changes take effect starting July 1, 2024. This legislation directly impacts the state's financial management of hotel taxes and the funding available for sports facilities and local government revenue sharing.