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SB2126 - 104th General Assembly
PROP TX-AFFORDABLE HOUSING
Last Action
Statutes Amended In Order of Appearance
35 ILCS 200/15-41 new
35 ILCS 200/18-184.25 new
Synopsis As Introduced
Amends the Property Tax Code. Provides that property that is owned by a faith-based organization or an organization described under Section 501(c)(3) of the Internal Revenue Code of 1986 that is leased for a minimum of 50 years for the purpose of, and is predominantly used for, providing affordable housing for households with a household income of between 20% and 90% of the area median income is exempt from taxation under the Code until (i) the end of the ground lease term or (ii) the first taxable year during which the property is no longer used for affordable housing purposes, whichever occurs first. Provides that taxing districts may abate all or a portion of the property taxes levied on a qualified affordable housing developments.
Actions
| Date | Chamber | Action |
|---|---|---|
| 2/07/2025 | Senate | Filed with Secretary by Sen. Doris Turner |
| 2/07/2025 | Senate | First Reading |
| 2/07/2025 | Senate | Referred to Assignments |