SHORT-TERM RENTAL TAX ACT

Creates the Short-Term Rental Excise Tax Act. Imposes a tax upon renters of short-term rentals at the rate of 4% of the rental price of those short-term rentals. Provides that the proceeds from the tax shall be deposited into the Community Land Trust Fund. Amends the State Finance Act to create the Community Land Trust Fund. Provides that moneys in the Community Land Trust Fund shall be used by the Illinois Housing Development Authority for development, staffing, and capacity building and technical assistance related to community land trusts in the State. Amends the Community Land Trust Home Ownership Act. Makes changes to the definition of community land trust. Effective immediately.