SB3100 101ST GENERAL ASSEMBLY

LRB101 19607 HLH 69086 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB3100

Introduced 2/6/2020, by Sen. Robert F. Martwick

SYNOPSIS AS INTRODUCED:

35 ILCS 200/15-190 new

Amends the Property Tax Code. Creates a homestead exemption of $1,000 for homestead property on which a stormwater retention basin has been constructed during the taxable year. Effective immediately.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by adding Section 15-190 as follows:

(35 ILCS 200/15-190 new)

Sec. 15-190. Homestead exemption for stormwater retention. Beginning with the 2021 taxable year, an annual homestead exemption equal to a reduction of $1,000 from the equalized assessed value of the property is granted for homestead property, as defined in Section 15-175, on which a stormwater retention basin has been constructed during the taxable year. For the purposes of this Section, "stormwater retention basin" means an impoundment created by a dam or an excavation for the purpose of storing water and settling sediment and other pollutants from surface runoff, which is designed to hold a specific amount of water until the water can evaporate or infiltrate.

Section 99. Effective date. This Act takes effect upon becoming law.