SB3151sam001 96TH GENERAL ASSEMBLY

Sen. Terry Link

Filed: 3/11/2010

09600SB3151sam001 LRB096 19982 HLH 38448 a

AMENDMENT TO SENATE BILL 3151

AMENDMENT NO. ______. Amend Senate Bill 3151 on page 3, line 9, by replacing "Beginning January 1, 2011," with "For economic development project areas established or extended on or after January 1, 2011,"; and

on page 3, immediately below line 14, by inserting the following:

"If an economic development project area is established on or after January 1, 2011, and the boundaries of the economic development project area are subsequently expanded, then, beginning with the first taxable year during which the additional property is included, the equalized assessed value for the previous year shall be calculated as though the additional property had been included during the previous year.

If an economic development project area is established prior to January 1, 2011, and the boundaries of the economic development project area are expanded on or after January 1, 2011, then, each year, the initial equalized assessed value of the additional property must be increased over the initial equalized assessed value of the additional property for the previous year by the annual rate of increase, for the previous calendar year, of the Consumer Price Index for All Urban Consumers for all items, published by the United States Bureau of Labor Statistics."; and

on page 5, line 21, by replacing "Beginning January 1, 2011," with "For economic development project areas established or extended on or after January 1, 2011,"; and

on page 5, immediately below line 26, by inserting the following:

"If an economic development project area is established on or after January 1, 2011, and the boundaries of the economic development project area are subsequently expanded, then, beginning with the first taxable year during which the additional property is included, the equalized assessed value for the previous year shall be calculated as though the additional property had been included during the previous year.

If an economic development project area is established prior to January 1, 2011, and the boundaries of the economic development project area are expanded on or after January 1, 2011, then, each year, the initial equalized assessed value of the additional property must be increased over the initial equalized assessed value of the additional property for the previous year by the annual rate of increase, for the previous calendar year, of the Consumer Price Index for All Urban Consumers for all items, published by the United States Bureau of Labor Statistics."; and

on page 8, line 5, by replacing "Beginning January 1, 2011," with "For economic development project areas established or extended on or after January 1, 2011,"; and

on page 8, immediately below line 10, by inserting the following:

"If an economic development project area is established on or after January 1, 2011, and the boundaries of the economic development project area are subsequently expanded, then, beginning with the first taxable year during which the additional property is included, the equalized assessed value for the previous year shall be calculated as though the additional property had been included during the previous year.

If an economic development project area is established prior to January 1, 2011, and the boundaries of the economic development project area are expanded on or after January 1, 2011, then, each year, the initial equalized assessed value of the additional property must be increased over the initial equalized assessed value of the additional property for the previous year by the annual rate of increase, for the previous calendar year, of the Consumer Price Index for All Urban Consumers for all items, published by the United States Bureau of Labor Statistics."; and

on page 8, line 13, by replacing "Section 11-74.4-9" with "Sections 11-74.4-9, 11-74.6-40, and 11-74.6-50"; and

on page 10, line 6, by replacing "Beginning January 1, 2011," with "For redevelopment project areas established or extended on or after January 1, 2011,"; and

on page 10, immediately below line 11, by inserting the following:

"If a redevelopment project area is established on or after January 1, 2011, and the boundaries of the redevelopment project area are subsequently expanded, then, beginning with the first taxable year during which the additional property is included, the equalized assessed value for the previous year shall be calculated as though the additional property had been included during the previous year.

If a redevelopment project area is established prior to January 1, 2011, and the boundaries of the redevelopment project area are expanded on or after January 1, 2011, then, each year, the initial equalized assessed value of the additional property must be increased over the initial equalized assessed value of the additional property for the previous year by the annual rate of increase, for the previous calendar year, of the Consumer Price Index for All Urban Consumers for all items, published by the United States Bureau of Labor Statistics."; and

on page 11, immediately below line 20, by inserting the following:

"(65 ILCS 5/11-74.6-40)

Sec. 11-74.6-40. Equalized assessed value determination; property tax extension.

(a) If a municipality by ordinance provides for tax increment allocation financing under Section 11-74.6-35, the county clerk immediately thereafter:

(1) shall determine the initial equalized assessed value of each parcel of real property in the redevelopment project area, which is the most recently established equalized assessed value of each lot, block, tract or parcel of taxable real property within the redevelopment project area, minus the homestead exemptions under Article 15 of the Property Tax Code; and

(2) shall certify to the municipality the total initial equalized assessed value of all taxable real property within the redevelopment project area.

(b) Any municipality that has established a vacant industrial buildings conservation area may, by ordinance passed after the adoption of tax increment allocation financing, provide that the county clerk immediately thereafter shall again determine:

(1) the updated initial equalized assessed value of each lot, block, tract or parcel of real property, which is the most recently ascertained equalized assessed value of each lot, block, tract or parcel of real property within the vacant industrial buildings conservation area; and

(2) the total updated initial equalized assessed value of all taxable real property within the redevelopment project area, which is the total of the updated initial equalized assessed value of all taxable real property within the vacant industrial buildings conservation area.

The county clerk shall certify to the municipality the total updated initial equalized assessed value of all taxable real property within the industrial buildings conservation area.

(c) After the county clerk has certified the total initial equalized assessed value or the total updated initial equalized assessed value of the taxable real property in the area, for each taxing district in which a redevelopment project area is situated, the county clerk or any other official required by law to determine the amount of the equalized assessed value of all taxable property within the district for the purpose of computing the percentage rate of tax to be extended upon taxable property within the district, shall in every year that tax increment allocation financing is in effect determine the total equalized assessed value of taxable property in a redevelopment project area by including in that amount the lower of the current equalized assessed value or the certified total initial equalized assessed value or, if the total of updated equalized assessed value has been certified, the total updated initial equalized assessed value of all taxable real property in the redevelopment project area. After he has certified the total initial equalized assessed value he shall in the year of that certification, if tax rates have not been extended, and in every subsequent year that tax increment allocation financing is in effect, determine the amount of equalized assessed value of taxable property in a redevelopment project area by including in that amount the lower of the current total equalized assessed value or the certified total initial equalized assessed value or, if the total of updated initial equalized assessed values have been certified, the total updated initial equalized assessed value of all taxable real property in the redevelopment project area.

(c-5) For redevelopment project areas established or extended on or after January 1, 2011, each year, the initial equalized assessed value must be increased over the initial equalized assessed value of the previous year by the annual rate of increase, for the previous calendar year, of the Consumer Price Index for All Urban Consumers for all items, published by the United States Bureau of Labor Statistics.

If a redevelopment project area is established on or after January 1, 2011, and the boundaries of the redevelopment project area are subsequently expanded, then, beginning with the first taxable year during which the additional property is included, the equalized assessed value for the previous year shall be calculated as though the additional property had been included during the previous year.

If a redevelopment project area is established prior to January 1, 2011, and the boundaries of the redevelopment project area are expanded on or after January 1, 2011, then, each year, the initial equalized assessed value of the additional property must be increased over the initial equalized assessed value of the additional property for the previous year by the annual rate of increase, for the previous calendar year, of the Consumer Price Index for All Urban Consumers for all items, published by the United States Bureau of Labor Statistics.

(d) The percentage rate of tax determined shall be extended on the current equalized assessed value of all property in the redevelopment project area in the same manner as the rate per cent of tax is extended to all other taxable property in the taxing district. The method of extending taxes established under this Section shall terminate when the municipality adopts an ordinance dissolving the special tax allocation fund for the redevelopment project area. This Law shall not be construed as relieving property owners within a redevelopment project area from paying a uniform rate of taxes upon the current equalized assessed value of their taxable property as provided in the Property Tax Code.

(Source: P.A. 95-644, eff. 10-12-07.)

(65 ILCS 5/11-74.6-50)

Sec. 11-74.6-50. On or before the date which is 60 months following the date on which this amendatory Act of 1994 becomes law, the Department shall submit to the General Assembly a report detailing the number of redevelopment project areas that have been established, the number and type of jobs created or retained therein, the aggregate amount of tax increment incentives provided, the aggregate amount of private investment produced therein, the amount of tax increment revenue produced and available for expenditure within the tax increment financing districts and such additional information as the Department may determine to be relevant. On or after January 1, 2015, the date which is 16 years following the date on which this amendatory Act of 1994 becomes law the authority granted hereunder to municipalities to establish redevelopment project areas and to adopt tax increment allocation financing in connection therewith shall expire unless the General Assembly shall have authorized municipalities to continue to exercise said powers.

(Source: P.A. 91-474, eff. 11-1-99.)"; and

on page 13, line 25, by replacing "Beginning January 1, 2011," with "For economic development project areas established or extended on or after January 1, 2011,"; and

on page 14, immediately below line 4, by inserting the following:

"If an economic development project area is established on or after January 1, 2011, and the boundaries of the economic development project area are subsequently expanded, then, beginning with the first taxable year during which the additional property is included, the equalized assessed value for the previous year shall be calculated as though the additional property had been included during the previous year.

If an economic development project area is established prior to January 1, 2011, and the boundaries of the economic development project area are expanded on or after January 1, 2011, then, each year, the initial equalized assessed value of the additional property must be increased over the initial equalized assessed value of the additional property for the previous year by the annual rate of increase, for the previous calendar year, of the Consumer Price Index for All Urban Consumers for all items, published by the United States Bureau of Labor Statistics.".