Sen. Rachel Ventura

Filed: 3/5/2024

 

 


 

 


 
10300SB2911sam001LRB103 36214 HLH 70492 a

1
AMENDMENT TO SENATE BILL 2911

2    AMENDMENT NO. ______. Amend Senate Bill 2911 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Property Tax Code is amended by changing
5Section 30-25 as follows:
 
6    (35 ILCS 200/30-25)
7    Sec. 30-25. Distributions from account.
8    (a) At the direction of the corporate authorities of a
9taxing district, the treasurer of the taxing district shall
10disburse the amounts held in the tax reimbursement account.
11Unless the taxing district has divided the moneys as provided
12in subsection (b), disbursements shall be made to all of the
13owners of taxable homestead property within the taxing
14district. Each owner of taxable homestead property shall
15receive a proportionate share of the total disbursement based
16on the amount of ad valorem taxes on taxable homestead

 

 

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1property paid by the owner to the taxing district under the
2most recent tax bill.
3    (b) The corporate authorities of a taxing district may
4direct the treasurer to divide the moneys deposited into the
5account into 2 separate pools to be designated the homestead
6property pool and the commercial or industrial property pool.
7The amount to be deposited into each pool shall be determined
8by the corporate authorities of the taxing district, except
9that at least 50% of the moneys in the account shall be
10deposited into the homestead property pool. The treasurer
11shall disburse the amounts held in each pool in the tax
12reimbursement account at the direction of the corporate
13authorities. Disbursements from the homestead property pool
14shall be made to all of the owners of taxable homestead
15property within the taxing district. Each owner of taxable
16homestead property shall receive a proportionate share of the
17total disbursement from the pool based on the amount of ad
18valorem taxes on taxable homestead property paid by the owner
19to the taxing district under the most recent tax bill.
20Disbursements from the commercial or industrial property pool
21shall be made to all of the owners of taxable commercial or
22industrial property, except (i) those owners whose property is
23located within a tax increment financing district, (ii) those
24owners who received a tax incentive as a result of a tax
25incentivized development established by an intergovernmental
26agreement to which the taxing district is a party, or (iii)

 

 

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1those owners whose property is classified as an apartment
2building. Each eligible owner of taxable commercial or
3industrial property shall receive a proportionate share of the
4total disbursement from the pool based on the amount of ad
5valorem taxes on taxable commercial or industrial property
6paid by the owner to the taxing district under the most recent
7tax bill.
8    (c) In determining the proportionate share of each owner
9of homestead property, the numerator shall be the amount of
10taxes on homestead property paid by that owner to the taxing
11district under the most recent tax bill, and the denominator
12shall be the aggregate total of all taxes on homestead
13property paid by all owners to the taxing district under the
14most recent tax bills.
15    (d) In determining the proportionate share of each owner
16of commercial or industrial property, the numerator shall be
17the amount of taxes on commercial or industrial property paid
18by that owner to the taxing district under the most recent tax
19bill, and the denominator shall be the aggregate total of all
20taxes on commercial or industrial property paid by all owners
21to the taxing district under the most recent tax bills less
22taxes paid on commercial or industrial property located in a
23tax increment financing district, taxes paid on commercial or
24industrial property for which the owner received a tax
25incentive as a result of a tax incentivized development
26established by an intergovernmental agreement to which the

 

 

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1taxing district is a party, and taxes paid on an apartment
2building.
3    (e) As used in this Section:
4    "Qualified redevelopment costs" means costs advanced by a
5taxing district to a commercial or industrial property owner
6to promote economic development when, but for the advancement
7of the funds, the development would not be financially
8feasible.
9    "Tax incentivized development" means an economic
10development project established by intergovernmental agreement
11whereby a taxing district advances qualified redevelopment
12costs to a commercial or industrial property owner.
13(Source: P.A. 90-471, eff. 8-17-97.)
 
14    Section 99. Effective date. This Act takes effect upon
15becoming law.".