HB5646 98TH GENERAL ASSEMBLY

LRB098 17163 HLH 52250 b

98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB5646

Introduced , by Rep. Sam Yingling

SYNOPSIS AS INTRODUCED:

35 ILCS 200/18-184.15 new

Amends the Property Tax Code. Provides that counties and municipalities may provide for an abatement of the taxes imposed by the county or municipality on property upon which a commercial or industrial facility has been newly constructed or improved. Provides that the governing body of the county or municipality shall determine the period of time during which the abatement will apply, which shall not exceed: (i) 10 years if the facility is a LEEDS certified facility or a facility that will be used to provide direct medical services; or (ii) 5 years in the case of all other qualified facilities.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by adding Section 18-184.15 as follows:

(35 ILCS 200/18-184.15 new)

Sec. 18-184.15. Abatement for commercial or industrial facilities. Any county or municipality may, by a majority vote of its governing body, order the county clerk to abate a portion of the taxes imposed by the county or municipality on property upon which a commercial or industrial facility has been newly constructed or improved. The total amount of the abatement under this Section shall not exceed the lesser of the amount attributable to the construction or improvements or $1,000,000 over the entire period of the abatement. The governing body of the county or municipality shall determine the period of time during which the abatement will apply, which shall not exceed: (i) 10 years if the facility is a LEEDS certified facility or a facility that will be used to provide direct medical services; or (ii) 5 years in the case of all other qualified facilities.