|
Sen. Chapin Rose
Filed: 3/7/2013
| | 09800SB1593sam002 | | LRB098 07669 HLH 42557 a |
|
|
1 | | AMENDMENT TO SENATE BILL 1593
|
2 | | AMENDMENT NO. ______. Amend Senate Bill 1593 by replacing |
3 | | everything after the enacting clause with the following:
|
4 | | "Section 5. The Illinois Enterprise Zone Act is amended by |
5 | | changing Section 5.5 as follows:
|
6 | | (20 ILCS 655/5.5)
(from Ch. 67 1/2, par. 609.1)
|
7 | | Sec. 5.5. High Impact Business.
|
8 | | (a) In order to respond to unique opportunities to assist |
9 | | in the
encouragement, development, growth and expansion of the |
10 | | private sector through
large scale investment and development |
11 | | projects, the Department is authorized
to receive and approve |
12 | | applications for the designation of "High Impact
Businesses" in |
13 | | Illinois subject to the following conditions:
|
14 | | (1) such applications may be submitted at any time |
15 | | during the year;
|
16 | | (2) such business is not located, at the time of |
|
| | 09800SB1593sam002 | - 2 - | LRB098 07669 HLH 42557 a |
|
|
1 | | designation, in
an enterprise zone designated pursuant to |
2 | | this Act;
|
3 | | (3) the business intends to do one or more of the |
4 | | following:
|
5 | | (A) the business intends to make a minimum |
6 | | investment of
$12,000,000 which will be placed in |
7 | | service in qualified property and
intends to create 500 |
8 | | full-time equivalent jobs at a designated location
in |
9 | | Illinois or intends to make a minimum investment of |
10 | | $30,000,000 which
will be placed in service in |
11 | | qualified property and intends to retain 1,500
|
12 | | full-time retained jobs at a designated location in |
13 | | Illinois.
The business must certify in writing that the |
14 | | investments would not be
placed in service in qualified |
15 | | property and the job creation or job
retention would |
16 | | not occur without the tax credits and exemptions set |
17 | | forth
in subsection (b) of this Section. The terms |
18 | | "placed in service" and
"qualified property" have the |
19 | | same meanings as described in subsection (h)
of Section |
20 | | 201 of the Illinois Income Tax Act; or
|
21 | | (B) the business intends to establish a new |
22 | | electric generating
facility at a designated location |
23 | | in Illinois. "New electric generating
facility", for |
24 | | purposes of this Section, means a newly-constructed
|
25 | | electric
generation plant
or a newly-constructed |
26 | | generation capacity expansion at an existing electric
|
|
| | 09800SB1593sam002 | - 3 - | LRB098 07669 HLH 42557 a |
|
|
1 | | generation
plant, including the transmission lines and |
2 | | associated
equipment that transfers electricity from |
3 | | points of supply to points of
delivery, and for which |
4 | | such new foundation construction commenced not sooner
|
5 | | than July 1,
2001. Such facility shall be designed to |
6 | | provide baseload electric
generation and shall operate |
7 | | on a continuous basis throughout the year;
and (i) |
8 | | shall have an aggregate rated generating capacity of at |
9 | | least 1,000
megawatts for all new units at one site if |
10 | | it uses natural gas as its primary
fuel and foundation |
11 | | construction of the facility is commenced on
or before |
12 | | December 31, 2004, or shall have an aggregate rated |
13 | | generating
capacity of at least 400 megawatts for all |
14 | | new units at one site if it uses
coal or gases derived |
15 | | from coal
as its primary fuel and
shall support the |
16 | | creation of at least 150 new Illinois coal mining jobs, |
17 | | or
(ii) shall be funded through a federal Department of |
18 | | Energy grant before December 31, 2010 and shall support |
19 | | the creation of Illinois
coal-mining
jobs, or (iii) |
20 | | shall use coal gasification or integrated |
21 | | gasification-combined cycle units
that generate
|
22 | | electricity or chemicals, or both, and shall support |
23 | | the creation of Illinois
coal-mining
jobs.
The
|
24 | | business must certify in writing that the investments |
25 | | necessary to establish
a new electric generating |
26 | | facility would not be placed in service and the
job |
|
| | 09800SB1593sam002 | - 4 - | LRB098 07669 HLH 42557 a |
|
|
1 | | creation in the case of a coal-fueled plant
would not |
2 | | occur without the tax credits and exemptions set forth |
3 | | in
subsection (b-5) of this Section. The term "placed |
4 | | in service" has
the same meaning as described in |
5 | | subsection
(h) of Section 201 of the Illinois Income |
6 | | Tax Act; or
|
7 | | (B-5) the business intends to establish a new |
8 | | gasification
facility at a designated location in |
9 | | Illinois. As used in this Section, "new gasification |
10 | | facility" means a newly constructed coal gasification |
11 | | facility that generates chemical feedstocks or |
12 | | transportation fuels derived from coal (which may |
13 | | include, but are not limited to, methane, methanol, and |
14 | | nitrogen fertilizer), that supports the creation or |
15 | | retention of Illinois coal-mining jobs, and that |
16 | | qualifies for financial assistance from the Department |
17 | | before December 31, 2010. A new gasification facility |
18 | | does not include a pilot project located within |
19 | | Jefferson County or within a county adjacent to |
20 | | Jefferson County for synthetic natural gas from coal; |
21 | | or
|
22 | | (C) the business intends to establish
production |
23 | | operations at a new coal mine, re-establish production |
24 | | operations at
a closed coal mine, or expand production |
25 | | at an existing coal mine
at a designated location in |
26 | | Illinois not sooner than July 1, 2001;
provided that |
|
| | 09800SB1593sam002 | - 5 - | LRB098 07669 HLH 42557 a |
|
|
1 | | the
production operations result in the creation of 150 |
2 | | new Illinois coal mining
jobs as described in |
3 | | subdivision (a)(3)(B) of this Section, and further
|
4 | | provided that the coal extracted from such mine is |
5 | | utilized as the predominant
source for a new electric |
6 | | generating facility.
The business must certify in |
7 | | writing that the
investments necessary to establish a |
8 | | new, expanded, or reopened coal mine would
not
be |
9 | | placed in service and the job creation would not
occur |
10 | | without the tax credits and exemptions set forth in |
11 | | subsection (b-5) of
this Section. The term "placed in |
12 | | service" has
the same meaning as described in |
13 | | subsection (h) of Section 201 of the
Illinois Income |
14 | | Tax Act; or
|
15 | | (D) the business intends to construct new |
16 | | transmission facilities or
upgrade existing |
17 | | transmission facilities at designated locations in |
18 | | Illinois,
for which construction commenced not sooner |
19 | | than July 1, 2001. For the
purposes of this Section, |
20 | | "transmission facilities" means transmission lines
|
21 | | with a voltage rating of 115 kilovolts or above, |
22 | | including associated
equipment, that transfer |
23 | | electricity from points of supply to points of
delivery |
24 | | and that transmit a majority of the electricity |
25 | | generated by a new
electric generating facility |
26 | | designated as a High Impact Business in accordance
with |
|
| | 09800SB1593sam002 | - 6 - | LRB098 07669 HLH 42557 a |
|
|
1 | | this Section. The business must certify in writing that |
2 | | the investments
necessary to construct new |
3 | | transmission facilities or upgrade existing
|
4 | | transmission facilities would not be placed in service
|
5 | | without the tax credits and exemptions set forth in |
6 | | subsection (b-5) of this
Section. The term "placed in |
7 | | service" has the
same meaning as described in |
8 | | subsection (h) of Section 201 of the Illinois
Income |
9 | | Tax Act; or
|
10 | | (E) the business intends to establish a new wind |
11 | | power facility at a designated location in Illinois. |
12 | | For purposes of this Section, "new wind power facility" |
13 | | means a newly constructed electric generation |
14 | | facility, or a newly constructed expansion of an |
15 | | existing electric generation facility, placed in |
16 | | service on or after July 1, 2009, that generates |
17 | | electricity using wind energy devices, and such |
18 | | facility shall be deemed to include all associated |
19 | | transmission lines, substations, and other equipment |
20 | | related to the generation of electricity from wind |
21 | | energy devices. For purposes of this Section, "wind |
22 | | energy device" means any device, with a nameplate |
23 | | capacity of at least 0.5 megawatts, that is used in the |
24 | | process of converting kinetic energy from the wind to |
25 | | generate electricity; or and |
26 | | (F) the business intends to (i) make a minimum |
|
| | 09800SB1593sam002 | - 7 - | LRB098 07669 HLH 42557 a |
|
|
1 | | investment of $500,000,000, which will be placed in |
2 | | service in a qualified property, (ii) create 125 |
3 | | full-time equivalent jobs at a designated location in |
4 | | Illinois, and (iii) establish a fertilizer plant at a |
5 | | designated location in Illinois; for the purposes of |
6 | | this Section, "fertilizer plant" means a newly |
7 | | constructed or upgraded plant facilitating gas used in |
8 | | the production of anhydrous ammonia and downstream |
9 | | nitrogen fertilizer products for resale; and
|
10 | | (4) no later than 90 days after an application is |
11 | | submitted, the
Department shall notify the applicant of the |
12 | | Department's determination of
the qualification of the |
13 | | proposed High Impact Business under this Section.
|
14 | | (b) Businesses designated as High Impact Businesses |
15 | | pursuant to
subdivision (a)(3)(A) of this Section shall qualify |
16 | | for the credits and
exemptions described in the
following Acts: |
17 | | Section 9-222 and Section 9-222.1A of the Public Utilities
Act,
|
18 | | subsection (h)
of Section 201 of the Illinois Income Tax Act,
|
19 | | and Section 1d of
the
Retailers' Occupation Tax Act; provided |
20 | | that these credits and
exemptions
described in these Acts shall |
21 | | not be authorized until the minimum
investments set forth in |
22 | | subdivision (a)(3)(A) of this
Section have been placed in
|
23 | | service in qualified properties and, in the case of the |
24 | | exemptions
described in the Public Utilities Act and Section 1d |
25 | | of the Retailers'
Occupation Tax Act, the minimum full-time |
26 | | equivalent jobs or full-time retained jobs set
forth in |
|
| | 09800SB1593sam002 | - 8 - | LRB098 07669 HLH 42557 a |
|
|
1 | | subdivision (a)(3)(A) of this Section have been
created or |
2 | | retained.
Businesses designated as High Impact Businesses |
3 | | under
this Section shall also
qualify for the exemption |
4 | | described in Section 5l of the Retailers' Occupation
Tax Act. |
5 | | The credit provided in subsection (h) of Section 201 of the |
6 | | Illinois
Income Tax Act shall be applicable to investments in |
7 | | qualified property as set
forth in subdivision (a)(3)(A) of |
8 | | this Section.
|
9 | | (b-5) Businesses designated as High Impact Businesses |
10 | | pursuant to
subdivisions (a)(3)(B), (a)(3)(B-5), (a)(3)(C), |
11 | | and (a)(3)(D) of this Section shall qualify
for the credits and |
12 | | exemptions described in the following Acts: Section 51 of
the |
13 | | Retailers' Occupation Tax Act, Section 9-222 and Section |
14 | | 9-222.1A of the
Public Utilities Act, and subsection (h) of |
15 | | Section 201 of the Illinois Income
Tax Act; however, the |
16 | | credits and exemptions authorized under Section 9-222 and
|
17 | | Section 9-222.1A of the Public Utilities Act, and subsection |
18 | | (h) of Section 201
of the Illinois Income Tax Act shall not be |
19 | | authorized until the new electric
generating facility, the new |
20 | | gasification facility, the new transmission facility, or the |
21 | | new, expanded, or
reopened coal mine is operational,
except |
22 | | that a new electric generating facility whose primary fuel |
23 | | source is
natural gas is eligible only for the exemption under |
24 | | Section 5l of the
Retailers' Occupation Tax Act.
|
25 | | (b-6) Businesses designated as High Impact Businesses |
26 | | pursuant to subdivision (a)(3)(E) of this Section shall qualify |
|
| | 09800SB1593sam002 | - 9 - | LRB098 07669 HLH 42557 a |
|
|
1 | | for the exemptions described in Section 5l of the Retailers' |
2 | | Occupation Tax Act; any business so designated as a High Impact |
3 | | Business being, for purposes of this Section, a "Wind Energy |
4 | | Business". |
5 | | (c) High Impact Businesses located in federally designated |
6 | | foreign trade
zones or sub-zones are also eligible for |
7 | | additional credits, exemptions and
deductions as described in |
8 | | the following Acts: Section 9-221 and Section
9-222.1 of the |
9 | | Public
Utilities Act; and subsection (g) of Section 201, and |
10 | | Section 203
of the Illinois Income Tax Act.
|
11 | | (d) Except for businesses contemplated under subdivision |
12 | | (a)(3)(E) of this Section, existing Illinois businesses which |
13 | | apply for designation as a
High Impact Business must provide |
14 | | the Department with the prospective plan
for which 1,500 |
15 | | full-time retained jobs would be eliminated in the event that |
16 | | the
business is not designated.
|
17 | | (e) Except for new wind power facilities contemplated under |
18 | | subdivision (a)(3)(E) of this Section, new proposed facilities |
19 | | which apply for designation as High Impact
Business must |
20 | | provide the Department with proof of alternative non-Illinois
|
21 | | sites which would receive the proposed investment and job |
22 | | creation in the
event that the business is not designated as a |
23 | | High Impact Business.
|
24 | | (f) Except for businesses contemplated under subdivision |
25 | | (a)(3)(E) of this Section, in the event that a business is |
26 | | designated a High Impact Business
and it is later determined |
|
| | 09800SB1593sam002 | - 10 - | LRB098 07669 HLH 42557 a |
|
|
1 | | after reasonable notice and an opportunity for a
hearing as |
2 | | provided under the Illinois Administrative Procedure Act, that
|
3 | | the business would have placed in service in qualified property |
4 | | the
investments and created or retained the requisite number of |
5 | | jobs without
the benefits of the High Impact Business |
6 | | designation, the Department shall
be required to immediately |
7 | | revoke the designation and notify the Director
of the |
8 | | Department of Revenue who shall begin proceedings to recover |
9 | | all
wrongfully exempted State taxes with interest. The business |
10 | | shall also be
ineligible for all State funded Department |
11 | | programs for a period of 10 years.
|
12 | | (g) The Department shall revoke a High Impact Business |
13 | | designation if
the participating business fails to comply with |
14 | | the terms and conditions of
the designation. However, the |
15 | | penalties for new wind power facilities or Wind Energy |
16 | | Businesses for failure to comply with any of the terms or |
17 | | conditions of the Illinois Prevailing Wage Act shall be only |
18 | | those penalties identified in the Illinois Prevailing Wage Act, |
19 | | and the Department shall not revoke a High Impact Business |
20 | | designation as a result of the failure to comply with any of |
21 | | the terms or conditions of the Illinois Prevailing Wage Act in |
22 | | relation to a new wind power facility or a Wind Energy |
23 | | Business.
|
24 | | (h) Prior to designating a business, the Department shall |
25 | | provide the
members of the General Assembly and Commission on |
26 | | Government Forecasting and Accountability
with a report |
|
| | 09800SB1593sam002 | - 11 - | LRB098 07669 HLH 42557 a |
|
|
1 | | setting forth the terms and conditions of the designation and
|
2 | | guarantees that have been received by the Department in |
3 | | relation to the
proposed business being designated.
|
4 | | (Source: P.A. 96-28, eff. 7-1-09; 97-905, eff. 8-7-12.)
|
5 | | Section 10. The Property Tax Code is amended by changing |
6 | | Section 18-165 as follows:
|
7 | | (35 ILCS 200/18-165)
|
8 | | Sec. 18-165. Abatement of taxes.
|
9 | | (a) Any taxing district, upon a majority vote of its |
10 | | governing authority,
may, after the determination of the |
11 | | assessed valuation of its property, order
the clerk of that |
12 | | county to abate any portion of its taxes on the following
types |
13 | | of property:
|
14 | | (1) Commercial and industrial.
|
15 | | (A) The property of any commercial or industrial |
16 | | firm,
including but not limited to the property of (i) |
17 | | any firm that
is used for collecting, separating, |
18 | | storing, or processing recyclable
materials, locating |
19 | | within the taxing district during the immediately |
20 | | preceding
year from another state, territory, or |
21 | | country, or having been newly created
within this State |
22 | | during the immediately preceding year, or expanding an
|
23 | | existing facility, or (ii) any firm that is used for |
24 | | the generation and
transmission of
electricity |
|
| | 09800SB1593sam002 | - 12 - | LRB098 07669 HLH 42557 a |
|
|
1 | | locating within the taxing district during the |
2 | | immediately
preceding year or expanding its presence |
3 | | within the taxing district during the
immediately |
4 | | preceding year by construction of a new electric |
5 | | generating
facility that uses natural gas as its fuel, |
6 | | or any firm that is used for
production operations at a |
7 | | new,
expanded, or reopened coal mine within the taxing |
8 | | district, that
has been certified as a High Impact |
9 | | Business by the Illinois Department of
Commerce and |
10 | | Economic Opportunity. The property of any firm used for |
11 | | the
generation and transmission of electricity shall |
12 | | include all property of the
firm used for transmission |
13 | | facilities as defined in Section 5.5 of the Illinois
|
14 | | Enterprise Zone Act. The abatement shall not exceed a |
15 | | period of 10 years
and the aggregate amount of abated |
16 | | taxes for all taxing districts combined
shall not |
17 | | exceed $4,000,000.
|
18 | | (A-5) Any property in the taxing district of a new |
19 | | electric generating
facility, as defined in Section |
20 | | 605-332 of the Department of Commerce and
Economic |
21 | | Opportunity Law of the Civil Administrative Code of |
22 | | Illinois.
The abatement shall not exceed a period of 10 |
23 | | years.
The abatement shall be subject to the following |
24 | | limitations:
|
25 | | (i) if the equalized assessed valuation of the |
26 | | new electric generating
facility is equal to or |
|
| | 09800SB1593sam002 | - 13 - | LRB098 07669 HLH 42557 a |
|
|
1 | | greater than $25,000,000 but less
than |
2 | | $50,000,000, then the abatement may not exceed (i) |
3 | | over the entire term
of the abatement, 5% of the |
4 | | taxing district's aggregate taxes from the
new |
5 | | electric generating facility and (ii) in any one
|
6 | | year of abatement, 20% of the taxing district's |
7 | | taxes from the
new electric generating facility;
|
8 | | (ii) if the equalized assessed valuation of |
9 | | the new electric
generating facility is equal to or |
10 | | greater than $50,000,000 but less
than |
11 | | $75,000,000, then the abatement may not exceed (i) |
12 | | over the entire term
of the abatement, 10% of the |
13 | | taxing district's aggregate taxes from the
new |
14 | | electric generating facility and (ii) in any one
|
15 | | year of abatement, 35% of the taxing district's |
16 | | taxes from the
new electric generating facility;
|
17 | | (iii) if the equalized assessed valuation of |
18 | | the new electric
generating facility
is equal to or |
19 | | greater than $75,000,000 but less
than |
20 | | $100,000,000, then the abatement may not exceed |
21 | | (i) over the entire term
of the abatement, 20% of |
22 | | the taxing district's aggregate taxes from the
new |
23 | | electric generating facility and (ii) in any one
|
24 | | year of abatement, 50% of the taxing district's |
25 | | taxes from the
new electric generating facility;
|
26 | | (iv) if the equalized assessed valuation of |
|
| | 09800SB1593sam002 | - 14 - | LRB098 07669 HLH 42557 a |
|
|
1 | | the new electric
generating facility is equal to or |
2 | | greater than $100,000,000 but less
than |
3 | | $125,000,000, then the
abatement may not exceed |
4 | | (i) over the entire term of the abatement, 30% of |
5 | | the
taxing district's aggregate taxes from the new |
6 | | electric generating facility
and (ii) in any one |
7 | | year of abatement, 60% of the taxing
district's |
8 | | taxes from the new electric generating facility;
|
9 | | (v) if the equalized assessed valuation of the |
10 | | new electric generating
facility is equal to or |
11 | | greater than $125,000,000 but less
than |
12 | | $150,000,000, then the
abatement may not exceed |
13 | | (i) over the entire term of the abatement, 40% of |
14 | | the
taxing district's aggregate taxes from the new |
15 | | electric generating facility
and (ii) in any one |
16 | | year of abatement, 60% of the taxing
district's |
17 | | taxes from the new electric generating facility;
|
18 | | (vi) if the equalized assessed valuation of |
19 | | the new electric
generating facility is equal to or |
20 | | greater than $150,000,000, then the
abatement may |
21 | | not exceed (i) over the entire term of the |
22 | | abatement, 50% of the
taxing district's aggregate |
23 | | taxes from the new electric generating facility
|
24 | | and (ii) in any one year of abatement, 60% of the |
25 | | taxing
district's taxes from the new electric |
26 | | generating facility.
|
|
| | 09800SB1593sam002 | - 15 - | LRB098 07669 HLH 42557 a |
|
|
1 | | The abatement is not effective unless
the owner of |
2 | | the new electric generating facility agrees to
repay to |
3 | | the taxing district all amounts previously abated, |
4 | | together with
interest computed at the rate and in the |
5 | | manner provided for delinquent taxes,
in the event that |
6 | | the owner of the new electric generating facility |
7 | | closes the
new electric generating facility before the |
8 | | expiration of the
entire term of the abatement.
|
9 | | The authorization of taxing districts to abate |
10 | | taxes under this
subdivision (a)(1)(A-5) expires on |
11 | | January 1, 2010.
|
12 | | (B) The property of any commercial or industrial
|
13 | | development of at least 225 500 acres having been |
14 | | created within the taxing
district. The abatement |
15 | | shall not exceed a period of 20 years and the
aggregate |
16 | | amount of abated taxes for all taxing districts |
17 | | combined shall not
exceed $12,000,000.
|
18 | | (C) The property of any commercial or industrial |
19 | | firm currently
located in the taxing district that |
20 | | expands a facility or its number of
employees. The |
21 | | abatement shall not exceed a period of 10 years and the
|
22 | | aggregate amount of abated taxes for all taxing |
23 | | districts combined shall not
exceed $4,000,000. The |
24 | | abatement period may be renewed at the option of the
|
25 | | taxing districts.
|
26 | | (2) Horse racing. Any property in the taxing district |
|
| | 09800SB1593sam002 | - 16 - | LRB098 07669 HLH 42557 a |
|
|
1 | | which
is used for the racing of horses and upon which |
2 | | capital improvements consisting
of expansion, improvement |
3 | | or replacement of existing facilities have been made
since |
4 | | July 1, 1987. The combined abatements for such property |
5 | | from all taxing
districts in any county shall not exceed |
6 | | $5,000,000 annually and shall not
exceed a period of 10 |
7 | | years.
|
8 | | (3) Auto racing. Any property designed exclusively for |
9 | | the racing of
motor vehicles. Such abatement shall not |
10 | | exceed a period of 10 years.
|
11 | | (4) Academic or research institute. The property of any |
12 | | academic or
research institute in the taxing district that |
13 | | (i) is an exempt organization
under paragraph (3) of |
14 | | Section 501(c) of the Internal Revenue Code, (ii)
operates |
15 | | for the benefit of the public by actually and exclusively |
16 | | performing
scientific research and making the results of |
17 | | the research available to the
interested public on a |
18 | | non-discriminatory basis, and (iii) employs more than
100 |
19 | | employees. An abatement granted under this paragraph shall |
20 | | be for at
least 15 years and the aggregate amount of abated |
21 | | taxes for all taxing
districts combined shall not exceed |
22 | | $5,000,000.
|
23 | | (5) Housing for older persons. Any property in the |
24 | | taxing district that
is devoted exclusively to affordable |
25 | | housing for older households. For
purposes of this |
26 | | paragraph, "older households" means those households (i)
|
|
| | 09800SB1593sam002 | - 17 - | LRB098 07669 HLH 42557 a |
|
|
1 | | living in housing provided under any State or federal |
2 | | program that the
Department of Human Rights determines is |
3 | | specifically designed and operated to
assist elderly |
4 | | persons and is solely occupied by persons 55 years of age |
5 | | or
older and (ii) whose annual income does not exceed 80% |
6 | | of the area gross median
income, adjusted for family size, |
7 | | as such gross income and median income are
determined from |
8 | | time to time by the United States Department of Housing and
|
9 | | Urban Development. The abatement shall not exceed a period |
10 | | of 15 years, and
the aggregate amount of abated taxes for |
11 | | all taxing districts shall not exceed
$3,000,000.
|
12 | | (6) Historical society. For assessment years 1998 |
13 | | through 2018, the
property of an historical society |
14 | | qualifying as an exempt organization under
Section |
15 | | 501(c)(3) of the federal Internal Revenue Code.
|
16 | | (7) Recreational facilities. Any property in the |
17 | | taxing district (i)
that is used for a municipal airport, |
18 | | (ii) that
is subject to a leasehold assessment under |
19 | | Section 9-195 of this Code and (iii)
which
is sublet from a |
20 | | park district that is leasing the property from a
|
21 | | municipality, but only if the property is used exclusively |
22 | | for recreational
facilities or for parking lots used |
23 | | exclusively for those facilities. The
abatement shall not |
24 | | exceed a period of 10 years.
|
25 | | (8) Relocated corporate headquarters. If approval |
26 | | occurs within 5 years
after the effective date of this |
|
| | 09800SB1593sam002 | - 18 - | LRB098 07669 HLH 42557 a |
|
|
1 | | amendatory Act of the 92nd General Assembly,
any property |
2 | | or a portion of any property in a taxing district that is |
3 | | used by
an eligible business for a corporate headquarters |
4 | | as defined in the Corporate
Headquarters Relocation Act. |
5 | | Instead of an abatement under this paragraph (8),
a taxing |
6 | | district may enter into an agreement with an eligible |
7 | | business to make
annual payments to that eligible business |
8 | | in an amount not to exceed the
property taxes paid directly |
9 | | or indirectly by that eligible business to the
taxing |
10 | | district and any other taxing districts for
premises |
11 | | occupied pursuant to a written lease and may make those |
12 | | payments
without the need for an annual appropriation. No |
13 | | school district, however, may
enter into an agreement with, |
14 | | or abate taxes for, an eligible business unless
the |
15 | | municipality in which the corporate headquarters is |
16 | | located agrees to
provide funding to the school district in |
17 | | an amount equal to the amount abated
or paid by the school |
18 | | district as provided in this paragraph (8).
Any abatement |
19 | | ordered or
agreement entered into under this paragraph (8) |
20 | | may be effective for the entire
term specified by the |
21 | | taxing district, except the term of the abatement or
annual |
22 | | payments may not exceed 20 years. |
23 | | (9) United States Military Public/Private Residential |
24 | | Developments. Each building, structure, or other |
25 | | improvement designed, financed, constructed, renovated, |
26 | | managed, operated, or maintained after January 1, 2006 |
|
| | 09800SB1593sam002 | - 19 - | LRB098 07669 HLH 42557 a |
|
|
1 | | under a "PPV Lease", as set forth under Division 14 of |
2 | | Article 10, and any such PPV Lease.
|
3 | | (10) Property located in a business corridor that |
4 | | qualifies for an abatement under Section 18-184.10. |
5 | | (b) Upon a majority vote of its governing authority, any |
6 | | municipality
may, after the determination of the assessed |
7 | | valuation of its property, order
the county clerk to abate any |
8 | | portion of its taxes on any property that is
located within the |
9 | | corporate limits of the municipality in accordance with
Section |
10 | | 8-3-18 of the Illinois Municipal Code.
|
11 | | (Source: P.A. 96-1136, eff. 7-21-10; 97-577, eff. 1-1-12; |
12 | | 97-636, eff. 6-1-12 .)
|
13 | | Section 99. Effective date. This Act takes effect upon |
14 | | becoming law.".
|