Bill Status of SB1775 102nd General Assembly
Short Description: PROP TX-QUALIFIED FOREST ABATE
Sen. Laura M. Murphy
| 3/9/2021||Senate||Assigned to Revenue|
Statutes Amended In Order of Appearance
|35 ILCS 200/18-184.15 new|
Synopsis As Introduced
Amends the Property Tax Code. Provides that the county clerk shall abate 10% of the taxes imposed on qualified forest property that is part of a proposed new housing development. Provides that the owner of the property shall obtain approval from the Department of Natural Resources and shall submit a conservation plan and a new housing development plan to the Department of Natural Resources. Provides that "qualified forest property" means land of at least one acre that: (i) is at least 10% stocked by forest trees of any size; (ii) includes forest strips that are at least 120 feet wide; (iii) is managed in accordance with a conservation plan approved by the Department of Natural Resources; and (iv) is not developed for non-forest use as of January 1 of the first taxable year of the abatement. Effective immediately.