INNOVATION ZONE ACT

Creates the Illinois Innovation Zone Act. Sets forth the findings of the General Assembly. Specifies the criteria for an area to qualify as an Innovation Zone. Contains provisions concerning the initiation of Zones by a municipality or county. Contains provisions concerning the application of a county or municipality to the Department of Commerce and Economic Opportunity for certification as a Zone. Contains provisions concerning Department review of Zone applications. Contains provisions concerning the process of certification of an area as a Zone by the Department. Contains provisions concerning the amendment and decertification of Zones. Contains provisions concerning the adoption of tax increment financing. Specifies the powers and duties of the Department. Contains provisions concerning State incentives regarding public services and physical infrastructure. Contains provisions concerning Zone administration. Contains provisions concerning (1) State regulatory exemptions in Zones, (2) State and local regulatory alternatives, and (3) exemptions from regulatory relaxation. Creates the Illinois Innovation Council and specifies its responsibilities, powers, and duties. Amends the Illinois Income Tax Act and the Economic Development for a Growing Economy Tax Credit Act to add provisions concerning tax credits for businesses located in a Zone. Amends the Use Tax Act, Service Use Tax Act, Service Occupation Tax Act, and Retailers' Occupation Tax Act to add specified exemptions concerning Zones.