Rep. Emanuel Chris Welch

Amends the Illinois Income Tax Act. Provides that, if the amount of the credit for residential real property taxes exceeds the taxpayer's liability, that amount shall be refunded if the taxpayer is 65 years or older and has a federal adjusted gross income of not more than $50,000. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.

Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Creates a tax increment allocation financing extension for ordinances adopted on March 27, 1997 by the Village of Maywood approving the Roosevelt Road TIF District and the Madison Street/Fifth Avenue TIF District. Effective immediately.

Amends the Board of Higher Education Act to prohibit the Board of Higher Education from awarding any grant funds to a private institution of higher education that is operated for profit. Amends the Higher Education Student Assistance Act to remove a for-profit educational organization from the definition of "institution of higher learning", "qualified institution", and "institution". Removes a provision allowing Monetary Award Program grants to be made to applicants enrolled at qualified for-profit institutions. Effective immediately.

Amends the Illinois Income Tax Act. Provides that the live theater production credit applies for tax years beginning prior to January 1, 2029 (currently, January 1, 2022). Effective immediately.

Amends the Payday Loan Reform Act. Provides that lenders must verify the identity of borrowers before making a loan under the Act. Requires inspection and copying of a government-issued identification document. Allows identifications to be made by licensees under the Currency Exchange Act and other licensees approved by the Department of Financial and Professional Regulation on behalf of lenders under the Payday Loan Reform Act.

Amends the Consumer Installment Loan Act. Provides that an income share agreement provider shall clearly and conspicuously disclose specified information in an income-based financing transaction no later than 3 business days before the consummation of the transaction. Requires an income share agreement provider to disclose a borrower's effective annual percentage rate under specified scenarios. Requires an income share agreement provider to provide a borrower with a monthly statement within 15 days before a payment due date, and to provide a borrower with an annual statement. Provides that the contractual payment percentage of an agreement may not exceed 5% of a borrower's qualified income, and no income share agreement term may exceed 60 months. Provides that an income share agreement provider shall not contract for a payment cap that exceeds 1.10 times the amount of the advance or extend an advance that exceeds $5,000. Provides that no payment may be collected under the terms of an income share agreement when a borrower is enrolled in a covered educational program, or during the 6-month grace period after a borrower leaves such a program. Provides that an income share agreement provider shall not engage in unfair or deceptive practices toward a borrower or misrepresent or omit any material information in connection with an income-based financing transaction. Provides that a borrower must exhaust all sources of federal student loans and state grants for which the borrower is directly eligible before entering into an educational income share agreement. Requires an income share agreement provider to provide readily accessible methods for consumers to submit a request for assistance to the provider, and to implement a process by which a borrower can escalate any request for assistance. Makes other changes. Defines terms.

Amends the Illinois Lottery Law. Provides that the special instant scratch-off game to benefit Alzheimer's awareness be conducted for the benefit of Alzheimer's care, support, education, and awareness (rather than specifically named "The End of Alzheimer's Begins with Me"). Removes language discontinuing the scratch-off on January 1, 2021. Effective immediately.

Amends the Medical Assistance Article of the Illinois Public Aid Code. Provides that supportive living facilities that are approved, but not yet operational, and located in a county with a population of more than 4,000,000 and in a municipality where the average income of its residents is less than 180% of the 2019 poverty guidelines updated periodically in the Federal Register by the U.S. Department of Health and Human Services, may apply at any time to convert up to 25% of its approved supportive living beds to dementia care beds. Requires the Department of Healthcare and Family Services to approve such applications within 90 days of receipt.

Amends the Toll Highway Act. Provides that the Illinois State Toll Highway Authority may make personally identifiable information of a person available to a law enforcement agency only pursuant to a search warrant. Provides that, absent a search warrant to the contrary, the Authority shall immediately, but in any event within no more than 5 days, notify the person that his or her records have been obtained and shall provide the person with a copy of the search warrant and the identity of the law enforcement agency or peace officer to whom the records were provided. Effective immediately.

Amends the Property Tax Code. Provides that certain property located in Bloom, Bremen, Calumet, Rich, Thornton, or Worth Township may be certified by the South Suburban Land Bank and Development Authority as a southland reactivation site. Provides that southland reactivation property shall be valued at 33 1/3% of the fair cash value of the land, without regard to buildings, structures, improvements, and other permanent fixtures located on the property. Provides that, for the first 3 tax years after the property is certified as southland reactivation property, the aggregate tax liability for the property shall be no greater than $75,000. Provides that, beginning with the fourth tax year after the property is certified as southland reactivation property and continuing through the twelfth tax year after the property is certified as southland reactivation property, the property's tax liability for each taxing district in which the property is located shall be increased over the tax liability for the preceding year by the percentage increase, if any, in the total equalized assessed value of all property in the taxing district.