Illinois General Assembly - Bill Status for SB1775
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 Bill Status of SB1775  102nd General Assembly


Short Description:  PROP TX-QUALIFIED FOREST ABATE

Senate Sponsors
Sen. Laura M. Murphy

Last Action
DateChamber Action
  3/9/2021SenateAssigned 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.

Actions 
DateChamber Action
  2/26/2021SenateFiled with Secretary by Sen. Laura M. Murphy
  2/26/2021SenateFirst Reading
  2/26/2021SenateReferred to Assignments
  3/9/2021SenateAssigned to Revenue

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