|
|
|
|
HB4120 Enrolled |
|
LRB096 11805 HLH 22641 b |
|
|
| 1 |
| AN ACT concerning revenue.
|
| 2 |
| Be it enacted by the People of the State of Illinois,
|
| 3 |
| represented in the General Assembly:
|
| 4 |
| Section 5. The Property Tax Code is amended by adding |
| 5 |
| Section 18-184.5 as follows:
|
| 6 |
| (35 ILCS 200/18-184.5 new) |
| 7 |
| Sec. 18-184.5. Abatement for vacant facilities. Upon a |
| 8 |
| majority vote of its governing body, any taxing district may, |
| 9 |
| after the determination of the assessed valuation of its |
| 10 |
| property, order the county clerk
to abate any portion of its |
| 11 |
| taxes on any property if (i) a new business first occupies a |
| 12 |
| facility located on the property during the taxable year, and |
| 13 |
| (ii) the facility was vacant for a period of at least 24 |
| 14 |
| continuous months prior to being occupied by the business. The |
| 15 |
| abatement shall not exceed a period of 2 years and the |
| 16 |
| aggregate amount of abated taxes for all taxing districts |
| 17 |
| combined shall not exceed $4,000,000.
|