Bill Status of HB4975  102nd General Assembly


Short Description:  PROP TX-FLOODING DISASTER

House Sponsors
Rep. Thomas M. Bennett

Last Action
DateChamber Action
  2/18/2022HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
35 ILCS 200/10-700


Synopsis As Introduced
Amends the Property Tax Code. Defines "flooding disaster." Provides that in order to qualify for valuation as a qualified commercial and industrial property, the structure must be rebuilt within 2 years after the date of the tornado disaster or flooding disaster, (currently, tornado disaster) and the square footage of the rebuilt structure may not be more than 110% of the square footage of the original structure as it existed immediately prior to the tornado disaster or flooding disaster (currently, tornado disaster). Modifies "base year" to include tornado disaster or flooding disaster (currently, tornado disaster). Makes similar changes regarding "modified equalized assessed value" and "qualified parcel of property." Effective immediately.

Actions 
DateChamber Action
  1/26/2022HouseFiled with the Clerk by Rep. Thomas M. Bennett
  1/27/2022HouseFirst Reading
  1/27/2022HouseReferred to Rules Committee
  2/9/2022HouseAssigned to Revenue & Finance Committee
  2/15/2022HouseTo Property Tax Subcommittee
  2/18/2022HouseRule 19(a) / Re-referred to Rules Committee