103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB4248

 

Introduced 1/16/2024, by Rep. Jed Davis

 

SYNOPSIS AS INTRODUCED:
 
735 ILCS 30/10-5-60  was 735 ILCS 5/7-121

    Amends the Eminent Domain Act. Provides that when calculating the fair cash market value of a business property, the value shall include any positive revenue the property would generate for the business during a 10-year period, as evidenced by the business's tax returns. Requires the prospective beneficiary to submit an affidavit describing (i) the current cash value of the property, (ii) the current cash flow generated by the property, if any, and (iii) the expected cash flow to be generated by the property at a point 5 years forward. Provides that if a prospective beneficiary is admitted to the program, the beneficiary or the beneficiary's sucessor-in-interest shall refile an affidavit describing the current cash value and cash flow of the property. Provides that if an affidavit is filed in bad faith, the filer is subject to penalties and interest equivalent to what the filer would have owed in the case of underpayment of income taxes in the same amount at the same point in time.


LRB103 34786 LNS 64637 b

 

 

A BILL FOR

 

HB4248LRB103 34786 LNS 64637 b

1    AN ACT concerning civil law.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Eminent Domain Act is amended by changing
5Section 10-5-60 as follows:
 
6    (735 ILCS 30/10-5-60)  (was 735 ILCS 5/7-121)
7    Sec. 10-5-60. Value. Except as to property designated as
8possessing a special use, the fair cash market value of
9property in a proceeding in eminent domain shall be the amount
10of money that a purchaser, willing, but not obligated, to buy
11the property, would pay to an owner willing, but not obliged,
12to sell in a voluntary sale.
13    When calculating the fair cash market value of a business
14property, the value shall include any positive revenue the
15property would generate for the business during a 10-year
16period, as evidenced by the business's tax returns. The
17prospective beneficiary shall submit an affidavit describing,
18under penalty of perjury, (i) the current cash value of the
19property, (ii) the current cash flow generated by the
20property, if any, and (iii) the expected cash flow to be
21generated by the property at a point 5 years forward. If a
22prospective beneficiary is admitted to the program, the
23beneficiary or the beneficiary's sucessor-in-interest shall

 

 

HB4248- 2 -LRB103 34786 LNS 64637 b

1refile an affidavit describing the current cash value and cash
2flow of the property. If the 2 numbers match, the benefit is
3good. If the numbers do not match, a make-up payment must be
4made to reflect the changed value of the property from what the
5parties believed it was when the eminent domain took place. If
6an affidavit is filed in bad faith, the filer is subject to
7penalties and interest equivalent to what the filer would have
8owed in the case of underpayment of income taxes in the same
9amount at the same point in time.
10    For the acquisition or damaging of property under the
11O'Hare Modernization Act, the amount shall be determined as of
12the date of filing the complaint to condemn. For the
13acquisition of other property, the amount shall be determined
14and ascertained as of the date of filing the complaint to
15condemn, except that:
16        (i) in the case of property not being acquired under
17    Article 20 (quick-take), if the trial commences more than
18    2 years after the date of filing the complaint to condemn,
19    the court may, in the interest of justice and equity,
20    declare a valuation date no sooner than the date of filing
21    the complaint to condemn and no later than the date of
22    commencement of the trial; and
23        (ii) in the case of property that is being acquired
24    under Article 20 (quick-take), if the trial commences more
25    than 2 years after the date of filing the complaint to
26    condemn, the court may, in the interest of justice and

 

 

HB4248- 3 -LRB103 34786 LNS 64637 b

1    equity, declare a valuation date no sooner than the date
2    of filing the complaint to condemn and no later than the
3    date on which the condemning authority took title to the
4    property.
5    In the condemnation of property for a public improvement,
6there shall be excluded from the fair cash market value of the
7property any appreciation in value proximately caused by the
8improvement and any depreciation in value proximately caused
9by the improvement. However, such appreciation or depreciation
10shall not be excluded when property is condemned for a
11separate project conceived independently of and subsequent to
12the original project.
13(Source: P.A. 94-1055, eff. 1-1-07.)