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House Bill 0480: A Synopsis
The following Bill (HB0480) was introduced by Rep. Lou Lang on February 1, 2007 at the 95th General Assembly for the State of Illinois.

February 2, 2007

Creates the Intercity Development Act. Provides that certain economically distressed communities may appoint a Board of Economic Advisors, which shall create a 3-year to 5-year revitalization plan for the community.

Provides that the Department of Commerce and Economic Opportunity shall make grants to communities that create a Board of Economic Advisors under the Act for the operational expenses of the Board.

Amends the Illinois Horse Racing Act of 1975 and the Riverboat Gambling Act to authorize slot machine gambling at race tracks (and makes conforming changes in various Acts).

Further amends the Illinois Horse Racing Act of 1975 to delete the recapture provisions and to repeal Sections concerning the pari-mutuel tax credit and the Horse Racing Equity Fund. Authorizes consolidation of 2 or more organization licensees.

Further amends the Riverboat Gambling Act. Changes the short title to the Riverboat and Casino Gambling Act. Adds 4 additional owners licenses, one of which authorizes the conduct of riverboat or land-based gambling in the City of Chicago. Changes the admission tax. Increases the number of gaming positions an owners licensee may operate.

Provides that unused gaming positions shall become the property of the Gaming Board, which may make the positions subject to competitive bidding by owners licensees. Requires owners licensees to pay a specified amount to the Gaming Board for deposit into the State Gaming Fund. Amends Public Act 91-40 to replace that Act's inseverability clause with a severability clause. Makes other changes. Effective July 1, 2007

To read the bill entire, Click The Link Below:
http://www.ilga.gov/legislation/95/HB/09500HB0480.htm