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HB4120 Engrossed |
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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 |
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| Section 18-184.5 as follows:
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| (35 ILCS 200/18-184.5 new) |
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| Sec. 18-184.5. Abatement for vacant facilities. Upon a |
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| majority vote of its governing body, any taxing district may, |
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| after the determination of the assessed valuation of its |
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| property, order the county clerk
to abate any portion of its |
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| taxes on any property if (i) a new business first occupies a |
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| facility located on the property during the taxable year, and |
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| (ii) the facility was vacant for a period of at least 24 |
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| continuous months prior to being occupied by the business. The |
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| abatement shall not exceed a period of 5 years and the |
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| aggregate amount of abated taxes for all taxing districts |
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| combined shall not exceed $4,000,000.
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