97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB3114

 

Introduced 2/23/2011, by Rep. Daniel Biss

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/15-182 new

    Amends the Property Tax Code. Provides that homestead properties that have been improved with a renewable energy improvement are entitled to an exemption, limited to the value of the improvement, as assessed and equalized. Defines "renewable energy improvement". Provides that no exemption shall be granted for more than 10 taxable years after a renewable energy device was first installed and operational. Effective immediately.


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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

 

 

A BILL FOR

 

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1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by adding
5Section 15-182 as follows:
 
6    (35 ILCS 200/15-182 new)
7    Sec. 15-182. Renewable energy improvements.
8    (a) Homestead properties that have been improved with a
9renewable energy improvement are entitled to an exemption,
10limited to the value of the renewable energy improvement, as
11assessed and equalized. For the purposes of this Section,
12"renewable energy improvement" means any fixture, product,
13system, device, or interacting group of those items, for or
14serving any homestead property that produces energy from
15renewable energy resources as defined in Section 1-10 of the
16Illinois Power Agency Act.
17    (b) If the renewable energy improvement was first installed
18and operational after the beginning of the assessment year, the
19exemption shall be applied to the property on a proportionate
20basis for the period the property qualified during the
21assessment year.
22    (c) No exemption authorized under this Section shall be
23granted for more than 10 taxable years after a renewable energy

 

 

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1device was first installed and operational on a property.
2    (d) Notwithstanding Sections 6 and 8 of the State Mandates
3Act, no reimbursement by the State is required for the
4implementation of any mandate created by this Section.
 
5    Section 99. Effective date. This Act takes effect upon
6becoming law.