Revenue & Finance Committee

Filed: 3/12/2009

 

 


 

 


 
09600HB4120ham001 LRB096 11805 HLH 23678 a

1
AMENDMENT TO HOUSE BILL 4120

2     AMENDMENT NO. ______. Amend House Bill 4120 by replacing
3 everything after the enacting clause with the following:
 
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

 

 

09600HB4120ham001 - 2 - LRB096 11805 HLH 23678 a

1 combined shall not exceed $4,000,000.".