HB4120 Engrossed 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 5 years and the
16 aggregate amount of abated taxes for all taxing districts
17 combined shall not exceed $4,000,000.