Illinois General Assembly - Full Text of HB4975
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Full Text of HB4975  102nd General Assembly

HB4975 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB4975

 

Introduced 1/27/2022, by Rep. Thomas M. Bennett

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/10-700

    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.


LRB102 23381 HLH 32550 b

 

 

A BILL FOR

 

HB4975LRB102 23381 HLH 32550 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by changing
5Section 10-700 as follows:
 
6    (35 ILCS 200/10-700)
7    Sec. 10-700. Qualified commercial and industrial property;
8tornado disaster or flooding disaster. Notwithstanding any
9other provision of law, each qualified parcel of commercial or
10industrial property owned and used by a small business shall
11be valued at the lesser of (i) its modified equalized assessed
12value or (ii) 33 1/3% of its fair cash value or, in the case of
13property located in a county that classifies property for
14purposes of taxation in accordance with Section 4 of Article
15IX of the Constitution, the percentage of fair cash value as
16required by county ordinance. The method of valuation under
17this Section shall continue until there is a change in use or
18ownership of the property or until the fifteenth taxable year
19after the tornado disaster or flooding disaster occurs,
20whichever occurs first. In order to qualify for valuation
21under this Section, the structure must be rebuilt within 2
22years after the date of the tornado disaster or flooding
23disaster, and the square footage of the rebuilt structure may

 

 

HB4975- 2 -LRB102 23381 HLH 32550 b

1not be more than 110% of the square footage of the original
2structure as it existed immediately prior to the tornado
3disaster or flooding disaster.
4    "Base year" means the taxable year prior to the taxable
5year in which the tornado disaster or flooding disaster
6occurred.
7    "Flooding disaster" means an occurrence of widespread or
8severe damage or loss of property resulting from an episode of
9flooding that has been proclaimed as a natural disaster by the
10Governor or the President of the United States.
11    "Modified equalized assessed value" means:
12        (1) in the first taxable year after the tornado
13    disaster or flooding disaster occurs, the equalized
14    assessed value of the property for the base year; and
15        (2) in the second taxable year after the tornado
16    disaster or flooding disaster occurs and thereafter, the
17    modified equalized assessed value of the property for the
18    previous taxable year, increased by 4%.
19    "Tornado disaster" means an occurrence of widespread or
20severe damage or loss of property resulting from a tornado or
21combination of tornadoes that has been proclaimed as a natural
22disaster by the Governor or the President of the United
23States.
24    "Qualified parcel of property" means property that (i) is
25owned and used exclusively for commercial or industrial
26purposes by a small business and (ii) has been rebuilt

 

 

HB4975- 3 -LRB102 23381 HLH 32550 b

1following a tornado disaster occurring in taxable year 2013 or
2any taxable year thereafter, or a flooding disaster occurring
3in taxable year 2022 or any taxable year thereafter.
4    "Small business" means a business that employs fewer than
550 full-time employees.
6(Source: P.A. 98-702, eff. 7-7-14.)
 
7    Section 99. Effective date. This Act takes effect
8immediately.