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Public Act 096-0755
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| HB4120 Enrolled |
LRB096 11805 HLH 22641 b |
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AN ACT concerning revenue.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Property Tax Code is amended by adding |
Section 18-184.5 as follows:
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(35 ILCS 200/18-184.5 new) |
Sec. 18-184.5. Abatement for vacant facilities. Upon a |
majority vote of its governing body, any taxing district may, |
after the determination of the assessed valuation of its |
property, order the county clerk
to abate any portion of its |
taxes on any property if (i) a new business first occupies a |
facility located on the property during the taxable year, and |
(ii) the facility was vacant for a period of at least 24 |
continuous months prior to being occupied by the business. The |
abatement shall not exceed a period of 2 years and the |
aggregate amount of abated taxes for all taxing districts |
combined shall not exceed $4,000,000.
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