SPRINGFIELD –State Senator Rachel Ventura advanced legislation that would prevent corporations from double-dipping local taxpayer dollars meant for economic development.

“The goal of this legislation is to ensure surplus taxpayer dollars go back to home owners and not to corporations and private investors who want another payout,” said Ventura (D-Joliet). “We must ensure these dollars are protected.”

Ventura’s initiative was initially brought to her attention by a local school district that had to send surplus dollars to a warehouse that already had a tax-incentive. The measure seeks to eliminate the problem of double-dipping by private investors who receive tax incentives on both the front and back end of development projects.

Current Illinois law allows taxing districts with surplus funds to transfer those funds into a tax reimbursement account. The corporate authorities of the taxing districts also decide who to distribute the funds to from the account, typically being either only homeowners or both homeowners and commercial or industrial property owners.

Senate Bill 2911 would make commercial or industrial property owners who receive tax incentives from a tax-incentivized development project ineligible to receive additional tax reimbursements.

“Investors are raking in billions of dollars. We need to close these loopholes that allow them to profit off of residents,” said Ventura. “I remain committed to voicing my district’s concerns and making sure corporations pay their fair share and don’t take away from the working class.”

Senate Bill 2911 passed the Senate on Thursday and now heads to the House for further consideration.