HB3451 95TH GENERAL ASSEMBLY

LRB095 05368 DRH 32144 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB3451

Introduced 2/27/2007, by Rep. Dennis M. Reboletti

SYNOPSIS AS INTRODUCED:

620 ILCS 65/21

Amends the O'Hare Modernization Act. Provides that the city of Chicago must reimburse all taxing districts (rather than only school districts and community college districts) for lost tax revenue resulting from the city's acquisition of parcels of property for the O'Hare Modernization Program. Deletes language providing that the city's obligation to reimburse school districts and community college districts ends with the 2009 taxable year and providing that no reimbursements are payable after January 1, 2010. Increases from $20,000,000 to $40,000,000 the maximum amount that the city shall pay out under the provision. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning transportation.

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

Section 5. The O'Hare Modernization Act is amended by changing Section 21 as follows:

(620 ILCS 65/21)

Sec. 21. Reimbursement for tax base losses.

(a) Whenever the City acquires parcels of property within any taxing school district or community college district for the O'Hare Modernization Program, the City shall, for the following taxable year and for each of the 5 taxable years thereafter, pay to that district the amount of the total property tax liability of the acquired parcels to the district for the 2002 taxable year, increased or decreased each year by the percentage change of the district's total tax extension for the current taxable year from the total tax extension for the prior taxable year; provided that no annual increase shall exceed the lesser of 5% or the annual increase in the Consumer Price Index. Funds payable by the City under this Section shall be paid exclusively from non-tax revenues generated at airports owned by the City, and shall not exceed the amount of those funds that can be paid for that purpose under 49 U.S.C. 47107(l)(2).

(b) Notwithstanding any other provision of this Section: (i) no funds shall be payable by the City under this Section with respect to any taxable year succeeding the 2009 taxable year; (ii) in no event shall such funds be payable on or after January 1, 2010; (iii) in no event shall the total funds paid by the City pursuant to this Section to all districts for all taxable years exceed $40,000,000 $20,000,000; and (ii) (iv) any amounts payable to a district by the City with respect to any parcel of property for any taxable year shall be reduced by the amount of taxes actually paid to the district for that taxable year with respect to that parcel or any leasehold interest therein.

(c) Whenever the City acquires property that is subject to this Section, the City shall notify the assessor of the county in which the property is located. The assessor or the clerk of that county shall, on an annual basis, notify the affected taxing school district or community college district of all property that has been identified as being subject to this Section, and shall provide the district and the City with such information as may be required in determining the amounts payable by the City under this Section. The City shall make payments as required by this Section no later than 90 days after that information is received and verified by the City.

(d) As used in this Section, "Consumer Price Index" means the Consumer Price Index for All Urban Consumers for all items published by the United States Department of Labor.

(Source: P.A. 93-450, eff. 8-6-03.)

Section 99. Effective date. This Act takes effect upon becoming law.