Illinois General Assembly - Full Text of HB5435
Illinois General Assembly

  Bills & Resolutions  
  Compiled Statutes  
  Public Acts  
  Legislative Reports  
  IL Constitution  
  Legislative Guide  
  Legislative Glossary  

 Search By Number
 (example: HB0001)
Search Tips

Search By Keyword

Full Text of HB5435  102nd General Assembly

HB5435 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB5435

 

Introduced 1/31/2022, by Rep. Deanne M. Mazzochi

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/Art. 10 Div. 21 heading new
35 ILCS 200/10-765 new
35 ILCS 200/10-770 new
35 ILCS 200/10-775 new

    Amends the Property Tax Code. Provides that municipalities and counties may establish manufacturing zones. Provides that, with respect to property that is owned or controlled by the owner or operator of a manufacturing facility that is located within a manufacturing zone, the assessed valuation of any capital investment in the property made by the owner or operator for the purpose of carrying out a manufacturing process for any taxable year in which the manufacturing zone is in effect shall be $0. Effective immediately.


LRB102 24729 HLH 33969 b

 

 

A BILL FOR

 

HB5435LRB102 24729 HLH 33969 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 adding
5Division 21 to Article 10 as follows:
 
6    (35 ILCS 200/Art. 10 Div. 21 heading new)
7
Division 21. Manufacturing zones

 
8    (35 ILCS 200/10-765 new)
9    Sec. 10-765. Purpose. The purpose of this Division is to
10encourage the development of manufacturing employment
11throughout Illinois, especially within jurisdictions that
12adopt manufacturing zone ordinances pursuant to this Division.
 
13    (35 ILCS 200/10-770 new)
14    Sec. 10-770. Establishment of manufacturing zones. For
15taxable year 2023 and thereafter, the corporate authorities of
16any municipality or county may adopt an ordinance creating a
17manufacturing zone. The ordinance shall set forth the
18boundaries of the manufacturing zone and the duration of the
19zone. The boundaries of each manufacturing zone and the date
20it was created shall be posted by the jurisdiction that
21created it on a map that shall be available to the public at

 

 

HB5435- 2 -LRB102 24729 HLH 33969 b

1all times. The municipality or county shall send copies of
2each map to the Department of Revenue. If the manufacturing
3zone is created by a municipality, the municipality shall
4transmit copies of each map to the county clerk. Any
5jurisdiction that possesses one or more manufacturing zones
6may create a new manufacturing zone with a new date of
7creation. The boundaries of each existing manufacturing zone
8shall not be changed.
 
9    (35 ILCS 200/10-775 new)
10    Sec. 10-775. Assessments in manufacturing zones.
11Notwithstanding any other provision of law, with respect to
12property that is owned or controlled by the owner or operator
13of a manufacturing facility that is located within a
14manufacturing zone, the assessed valuation of any capital
15investment in the property made by the owner or operator for
16the purpose of carrying out a manufacturing process for any
17taxable year in which the manufacturing zone is in effect
18shall be $0. Nothing in the assessment procedures or outcomes
19for this parcel of property shall affect that portion of the
20overall market value of the parcel that reflects value that
21existed prior to the creation of the intensive manufacturing
22zone.
23    As used in this Section, "manufacturing process" shall be
24as defined in paragraph (1) of Section 3-50 of the Use Tax Act
 
25    Section 99. Effective date. This Act takes effect upon

 

 

HB5435- 3 -LRB102 24729 HLH 33969 b

1becoming law.