Full Text of SB0702 94th General Assembly
SB0702enr 94TH GENERAL ASSEMBLY
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois, | 3 |
| represented in the General Assembly:
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| Section 5. The Property Tax Code is amended by changing | 5 |
| Sections 18-165 and 18-185 and by adding Division 14 to Article | 6 |
| 10 as follows: | 7 |
| (35 ILCS 200/Art. 10 Div. 14 heading new) | 8 |
| DIVISION 14. VALUATION OF CERTAIN LEASES OF EXEMPT PROPERTY | 9 |
| (35 ILCS 200/10-365 new) | 10 |
| Sec. 10-365. U.S. Military Public/Private Residential | 11 |
| Developments. PPV Leases must be classified and valued as set | 12 |
| forth in Sections 10-370 through 10-380 during the period | 13 |
| beginning January 1, 2006 and ending with the earlier of the | 14 |
| year 50 years after January 1, 2006 or the year in which a PPV | 15 |
| Lease terminates. | 16 |
| (35 ILCS 200/10-370 new) | 17 |
| Sec. 10-370. Definitions. For the purposes of this Division | 18 |
| 14: | 19 |
| (a) "PPV Lease" means a leasehold interest in property that | 20 |
| is exempt from taxation under Section 15-50 of this Code and | 21 |
| that is leased, pursuant to authority set forth in Chapter 10 | 22 |
| of the United States Code, to another whose property is not | 23 |
| exempt for the purpose of, after January 1, 2006, the design, | 24 |
| finance, construction, renovation, management, operation, and | 25 |
| maintenance of rental housing units and associated | 26 |
| improvements at naval training and related naval support | 27 |
| facilities in the State of Illinois. | 28 |
| (b) "Net operating income" means all revenues received | 29 |
| minus the lesser of (i) 42% of all revenues or (ii) actual | 30 |
| expenses before interest, taxes, depreciation, and |
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| amortization. | 2 |
| (c) "Tax load factor" means the level of assessment, as set | 3 |
| forth under item (b) of Section 9-145 or under Section 9-150, | 4 |
| multiplied by the cumulative tax rate for the current taxable | 5 |
| year. | 6 |
| (35 ILCS 200/10-375 new) | 7 |
| Sec. 10-375. Valuation. | 8 |
| (a) A PPV Lease must be valued at its fair cash value, as | 9 |
| provided under item (b) of Section 9-145 or under Section | 10 |
| 9-150. | 11 |
| (b) The fair cash value of a PPV Lease must be determined | 12 |
| by using an income capitalization approach.
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| (c) To determine the fair cash value of a PPV Lease, the | 14 |
| net operating income is divided by (i) a rate of 7.75% plus | 15 |
| (ii) the actual or most recently ascertainable tax load factor | 16 |
| for the subject year. | 17 |
| (d) By April 15 of each year, the holder of a PPV Lease | 18 |
| must report to the chief county assessment officer in each | 19 |
| county in which the leasehold property is located the annual | 20 |
| gross income and expenses derived and incurred from the PPV | 21 |
| Lease, including the rental of leased property for each | 22 |
| military housing facility subject to a PPV Lease. | 23 |
| (35 ILCS 200/10-380 new) | 24 |
| Sec. 10-380. For the taxable years 2006, 2007, 2008, and | 25 |
| 2009, the chief county assessment officer in the county in | 26 |
| which property subject to a PPV Lease is located shall apply | 27 |
| the provisions of 10-370(b)(i) and 10-375(c)(i) of this | 28 |
| Division 14 in assessing and determining the value of any PPV | 29 |
| Lease for purposes of the property tax laws of this State.
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| (35 ILCS 200/18-165)
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| Sec. 18-165. Abatement of taxes.
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| (a) Any taxing district, upon a majority vote of its | 33 |
| governing authority,
may, after the determination of the |
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| assessed valuation of its property, order
the clerk of that | 2 |
| county to abate any portion of its taxes on the following
types | 3 |
| of property:
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| (1) Commercial and industrial.
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| (A) The property of any commercial or industrial | 6 |
| firm,
including but not limited to the property of (i) | 7 |
| any firm that
is used for collecting, separating, | 8 |
| storing, or processing recyclable
materials, locating | 9 |
| within the taxing district during the immediately | 10 |
| preceding
year from another state, territory, or | 11 |
| country, or having been newly created
within this State | 12 |
| during the immediately preceding year, or expanding an
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| existing facility, or (ii) any firm that is used for | 14 |
| the generation and
transmission of
electricity | 15 |
| locating within the taxing district during the | 16 |
| immediately
preceding year or expanding its presence | 17 |
| within the taxing district during the
immediately | 18 |
| preceding year by construction of a new electric | 19 |
| generating
facility that uses natural gas as its fuel, | 20 |
| or any firm that is used for
production operations at a | 21 |
| new,
expanded, or reopened coal mine within the taxing | 22 |
| district, that
has been certified as a High Impact | 23 |
| Business by the Illinois Department of
Commerce and | 24 |
| Economic Opportunity
Community Affairs . The property | 25 |
| of any firm used for the
generation and transmission of | 26 |
| electricity shall include all property of the
firm used | 27 |
| for transmission facilities as defined in Section 5.5 | 28 |
| of the Illinois
Enterprise Zone Act. The abatement | 29 |
| shall not exceed a period of 10 years
and the aggregate | 30 |
| amount of abated taxes for all taxing districts | 31 |
| combined
shall not exceed $4,000,000.
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| (A-5) Any property in the taxing district of a new | 33 |
| electric generating
facility, as defined in Section | 34 |
| 605-332 of the Department of Commerce and
Economic | 35 |
| Opportunity
Community Affairs Law of the Civil | 36 |
| Administrative Code of Illinois.
The abatement shall |
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| not exceed a period of 10 years.
The abatement shall be | 2 |
| subject to the following limitations:
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| (i) if the equalized assessed valuation of the | 4 |
| new electric generating
facility is equal to or | 5 |
| greater than $25,000,000 but less
than | 6 |
| $50,000,000, then the abatement may not exceed (i) | 7 |
| over the entire term
of the abatement, 5% of the | 8 |
| taxing district's aggregate taxes from the
new | 9 |
| electric generating facility and (ii) in any one
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| year of abatement, 20% of the taxing district's | 11 |
| taxes from the
new electric generating facility;
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| (ii) if the equalized assessed valuation of | 13 |
| the new electric
generating facility is equal to or | 14 |
| greater than $50,000,000 but less
than | 15 |
| $75,000,000, then the abatement may not exceed (i) | 16 |
| over the entire term
of the abatement, 10% of the | 17 |
| taxing district's aggregate taxes from the
new | 18 |
| electric generating facility and (ii) in any one
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| year of abatement, 35% of the taxing district's | 20 |
| taxes from the
new electric generating facility;
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| (iii) if the equalized assessed valuation of | 22 |
| the new electric
generating facility
is equal to or | 23 |
| greater than $75,000,000 but less
than | 24 |
| $100,000,000, then the abatement may not exceed | 25 |
| (i) over the entire term
of the abatement, 20% of | 26 |
| the taxing district's aggregate taxes from the
new | 27 |
| electric generating facility and (ii) in any one
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| year of abatement, 50% of the taxing district's | 29 |
| taxes from the
new electric generating facility;
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| (iv) if the equalized assessed valuation of | 31 |
| the new electric
generating facility is equal to or | 32 |
| greater than $100,000,000 but less
than | 33 |
| $125,000,000, then the
abatement may not exceed | 34 |
| (i) over the entire term of the abatement, 30% of | 35 |
| the
taxing district's aggregate taxes from the new | 36 |
| electric generating facility
and (ii) in any one |
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| year of abatement, 60% of the taxing
district's | 2 |
| taxes from the new electric generating facility;
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| (v) if the equalized assessed valuation of the | 4 |
| new electric generating
facility is equal to or | 5 |
| greater than $125,000,000 but less
than | 6 |
| $150,000,000, then the
abatement may not exceed | 7 |
| (i) over the entire term of the abatement, 40% of | 8 |
| the
taxing district's aggregate taxes from the new | 9 |
| electric generating facility
and (ii) in any one | 10 |
| year of abatement, 60% of the taxing
district's | 11 |
| taxes from the new electric generating facility;
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| (vi) if the equalized assessed valuation of | 13 |
| the new electric
generating facility is equal to or | 14 |
| greater than $150,000,000, then the
abatement may | 15 |
| not exceed (i) over the entire term of the | 16 |
| abatement, 50% of the
taxing district's aggregate | 17 |
| taxes from the new electric generating facility
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| and (ii) in any one year of abatement, 60% of the | 19 |
| taxing
district's taxes from the new electric | 20 |
| generating facility.
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| The abatement is not effective unless
the owner of | 22 |
| the new electric generating facility agrees to
repay to | 23 |
| the taxing district all amounts previously abated, | 24 |
| together with
interest computed at the rate and in the | 25 |
| manner provided for delinquent taxes,
in the event that | 26 |
| the owner of the new electric generating facility | 27 |
| closes the
new electric generating facility before the | 28 |
| expiration of the
entire term of the abatement.
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| The authorization of taxing districts to abate | 30 |
| taxes under this
subdivision (a)(1)(A-5) expires on | 31 |
| January 1, 2010.
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| (B) The property of any commercial or industrial
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| development of at least 500 acres having been created | 34 |
| within the taxing
district. The abatement shall not | 35 |
| exceed a period of 20 years and the
aggregate amount of | 36 |
| abated taxes for all taxing districts combined shall |
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| not
exceed $12,000,000.
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| (C) The property of any commercial or industrial | 3 |
| firm currently
located in the taxing district that | 4 |
| expands a facility or its number of
employees. The | 5 |
| abatement shall not exceed a period of 10 years and the
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| aggregate amount of abated taxes for all taxing | 7 |
| districts combined shall not
exceed $4,000,000. The | 8 |
| abatement period may be renewed at the option of the
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| taxing districts.
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| (2) Horse racing. Any property in the taxing district | 11 |
| which
is used for the racing of horses and upon which | 12 |
| capital improvements consisting
of expansion, improvement | 13 |
| or replacement of existing facilities have been made
since | 14 |
| July 1, 1987. The combined abatements for such property | 15 |
| from all taxing
districts in any county shall not exceed | 16 |
| $5,000,000 annually and shall not
exceed a period of 10 | 17 |
| years.
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| (3) Auto racing. Any property designed exclusively for | 19 |
| the racing of
motor vehicles. Such abatement shall not | 20 |
| exceed a period of 10 years.
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| (4) Academic or research institute. The property of any | 22 |
| academic or
research institute in the taxing district that | 23 |
| (i) is an exempt organization
under paragraph (3) of | 24 |
| Section 501(c) of the Internal Revenue Code, (ii)
operates | 25 |
| for the benefit of the public by actually and exclusively | 26 |
| performing
scientific research and making the results of | 27 |
| the research available to the
interested public on a | 28 |
| non-discriminatory basis, and (iii) employs more than
100 | 29 |
| employees. An abatement granted under this paragraph shall | 30 |
| be for at
least 15 years and the aggregate amount of abated | 31 |
| taxes for all taxing
districts combined shall not exceed | 32 |
| $5,000,000.
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| (5) Housing for older persons. Any property in the | 34 |
| taxing district that
is devoted exclusively to affordable | 35 |
| housing for older households. For
purposes of this | 36 |
| paragraph, "older households" means those households (i)
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| living in housing provided under any State or federal | 2 |
| program that the
Department of Human Rights determines is | 3 |
| specifically designed and operated to
assist elderly | 4 |
| persons and is solely occupied by persons 55 years of age | 5 |
| or
older and (ii) whose annual income does not exceed 80% | 6 |
| of the area gross median
income, adjusted for family size, | 7 |
| as such gross income and median income are
determined from | 8 |
| time to time by the United States Department of Housing and
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| Urban Development. The abatement shall not exceed a period | 10 |
| of 15 years, and
the aggregate amount of abated taxes for | 11 |
| all taxing districts shall not exceed
$3,000,000.
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| (6) Historical society. For assessment years 1998 | 13 |
| through 2008, the
property of an historical society | 14 |
| qualifying as an exempt organization under
Section | 15 |
| 501(c)(3) of the federal Internal Revenue Code.
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| (7) Recreational facilities. Any property in the | 17 |
| taxing district (i)
that is used for a municipal airport, | 18 |
| (ii) that
is subject to a leasehold assessment under | 19 |
| Section 9-195 of this Code and (iii)
which
is sublet from a | 20 |
| park district that is leasing the property from a
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| municipality, but only if the property is used exclusively | 22 |
| for recreational
facilities or for parking lots used | 23 |
| exclusively for those facilities. The
abatement shall not | 24 |
| exceed a period of 10 years.
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| (8) Relocated corporate headquarters. If approval | 26 |
| occurs within 5 years
after the effective date of this | 27 |
| amendatory Act of the 92nd General Assembly,
any property | 28 |
| or a portion of any property in a taxing district that is | 29 |
| used by
an eligible business for a corporate headquarters | 30 |
| as defined in the Corporate
Headquarters Relocation Act. | 31 |
| Instead of an abatement under this paragraph (8),
a taxing | 32 |
| district may enter into an agreement with an eligible | 33 |
| business to make
annual payments to that eligible business | 34 |
| in an amount not to exceed the
property taxes paid directly | 35 |
| or indirectly by that eligible business to the
taxing | 36 |
| district and any other taxing districts for
premises |
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| occupied pursuant to a written lease and may make those | 2 |
| payments
without the need for an annual appropriation. No | 3 |
| school district, however, may
enter into an agreement with, | 4 |
| or abate taxes for, an eligible business unless
the | 5 |
| municipality in which the corporate headquarters is | 6 |
| located agrees to
provide funding to the school district in | 7 |
| an amount equal to the amount abated
or paid by the school | 8 |
| district as provided in this paragraph (8).
Any abatement | 9 |
| ordered or
agreement entered into under this paragraph (8) | 10 |
| may be effective for the entire
term specified by the | 11 |
| taxing district, except the term of the abatement or
annual | 12 |
| payments may not exceed 20 years. | 13 |
| (9) United States Military Public/Private Residential | 14 |
| Developments. Each building, structure, or other | 15 |
| improvement designed, financed, constructed, renovated, | 16 |
| managed, operated, or maintained after January 1, 2006 | 17 |
| under a "PPV Lease", as set forth under Division 14 of | 18 |
| Article 10, and any such PPV Lease.
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| (b) Upon a majority vote of its governing authority, any | 20 |
| municipality
may, after the determination of the assessed | 21 |
| valuation of its property, order
the county clerk to abate any | 22 |
| portion of its taxes on any property that is
located within the | 23 |
| corporate limits of the municipality in accordance with
Section | 24 |
| 8-3-18 of the Illinois Municipal Code.
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| (Source: P.A. 92-12, eff. 7-1-01;
92-207, eff. 8-1-01; 92-247, | 26 |
| eff. 8-3-01; 92-651, eff. 7-11-02; 93-270, eff.
7-22-03; | 27 |
| revised 12-6-03.)
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| (35 ILCS 200/18-185)
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| Sec. 18-185. Short title; definitions. This Division 5 may | 30 |
| be cited as the
Property Tax Extension Limitation Law. As used | 31 |
| in this Division 5:
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| "Consumer Price Index" means the Consumer Price Index for | 33 |
| All Urban
Consumers for all items published by the United | 34 |
| States Department of Labor.
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| "Extension limitation" means (a) the lesser of 5% or the |
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| percentage increase
in the Consumer Price Index during the | 2 |
| 12-month calendar year preceding the
levy year or (b) the rate | 3 |
| of increase approved by voters under Section 18-205.
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| "Affected county" means a county of 3,000,000 or more | 5 |
| inhabitants or a
county contiguous to a county of 3,000,000 or | 6 |
| more inhabitants.
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| "Taxing district" has the same meaning provided in Section | 8 |
| 1-150, except as
otherwise provided in this Section. For the | 9 |
| 1991 through 1994 levy years only,
"taxing district" includes | 10 |
| only each non-home rule taxing district having the
majority of | 11 |
| its
1990 equalized assessed value within any county or counties | 12 |
| contiguous to a
county with 3,000,000 or more inhabitants. | 13 |
| Beginning with the 1995 levy
year, "taxing district" includes | 14 |
| only each non-home rule taxing district
subject to this Law | 15 |
| before the 1995 levy year and each non-home rule
taxing | 16 |
| district not subject to this Law before the 1995 levy year | 17 |
| having the
majority of its 1994 equalized assessed value in an | 18 |
| affected county or
counties. Beginning with the levy year in
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| which this Law becomes applicable to a taxing district as
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| provided in Section 18-213, "taxing district" also includes | 21 |
| those taxing
districts made subject to this Law as provided in | 22 |
| Section 18-213.
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| "Aggregate extension" for taxing districts to which this | 24 |
| Law applied before
the 1995 levy year means the annual | 25 |
| corporate extension for the taxing
district and those special | 26 |
| purpose extensions that are made annually for
the taxing | 27 |
| district, excluding special purpose extensions: (a) made for | 28 |
| the
taxing district to pay interest or principal on general | 29 |
| obligation bonds
that were approved by referendum; (b) made for | 30 |
| any taxing district to pay
interest or principal on general | 31 |
| obligation bonds issued before October 1,
1991; (c) made for | 32 |
| any taxing district to pay interest or principal on bonds
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| issued to refund or continue to refund those bonds issued | 34 |
| before October 1,
1991; (d)
made for any taxing district to pay | 35 |
| interest or principal on bonds
issued to refund or continue to | 36 |
| refund bonds issued after October 1, 1991 that
were approved by |
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| referendum; (e)
made for any taxing district to pay interest
or | 2 |
| principal on revenue bonds issued before October 1, 1991 for | 3 |
| payment of
which a property tax levy or the full faith and | 4 |
| credit of the unit of local
government is pledged; however, a | 5 |
| tax for the payment of interest or principal
on those bonds | 6 |
| shall be made only after the governing body of the unit of | 7 |
| local
government finds that all other sources for payment are | 8 |
| insufficient to make
those payments; (f) made for payments | 9 |
| under a building commission lease when
the lease payments are | 10 |
| for the retirement of bonds issued by the commission
before | 11 |
| October 1, 1991, to pay for the building project; (g) made for | 12 |
| payments
due under installment contracts entered into before | 13 |
| October 1, 1991;
(h) made for payments of principal and | 14 |
| interest on bonds issued under the
Metropolitan Water | 15 |
| Reclamation District Act to finance construction projects
| 16 |
| initiated before October 1, 1991; (i) made for payments of | 17 |
| principal and
interest on limited bonds, as defined in Section | 18 |
| 3 of the Local Government Debt
Reform Act, in an amount not to | 19 |
| exceed the debt service extension base less
the amount in items | 20 |
| (b), (c), (e), and (h) of this definition for
non-referendum | 21 |
| obligations, except obligations initially issued pursuant to
| 22 |
| referendum; (j) made for payments of principal and interest on | 23 |
| bonds
issued under Section 15 of the Local Government Debt | 24 |
| Reform Act; (k)
made
by a school district that participates in | 25 |
| the Special Education District of
Lake County, created by | 26 |
| special education joint agreement under Section
10-22.31 of the | 27 |
| School Code, for payment of the school district's share of the
| 28 |
| amounts required to be contributed by the Special Education | 29 |
| District of Lake
County to the Illinois Municipal Retirement | 30 |
| Fund under Article 7 of the
Illinois Pension Code; the amount | 31 |
| of any extension under this item (k) shall be
certified by the | 32 |
| school district to the county clerk; (l) made to fund
expenses | 33 |
| of providing joint recreational programs for the handicapped | 34 |
| under
Section 5-8 of
the
Park District Code or Section 11-95-14 | 35 |
| of the Illinois Municipal Code; (m) made for temporary | 36 |
| relocation loan repayment purposes pursuant to Sections 2-3.77 |
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| and 17-2.2d of the School Code ; , and (n) made for payment of | 2 |
| principal and interest on any bonds issued under the authority | 3 |
| of Section 17-2.2d of the School Code; and (o)
(m) made for | 4 |
| contributions to a firefighter's pension fund created under | 5 |
| Article 4 of the Illinois Pension Code, to the extent of the | 6 |
| amount certified under item (5) of Section 4-134 of the | 7 |
| Illinois Pension Code.
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| "Aggregate extension" for the taxing districts to which | 9 |
| this Law did not
apply before the 1995 levy year (except taxing | 10 |
| districts subject to this Law
in
accordance with Section | 11 |
| 18-213) means the annual corporate extension for the
taxing | 12 |
| district and those special purpose extensions that are made | 13 |
| annually for
the taxing district, excluding special purpose | 14 |
| extensions: (a) made for the
taxing district to pay interest or | 15 |
| principal on general obligation bonds that
were approved by | 16 |
| referendum; (b) made for any taxing district to pay interest
or | 17 |
| principal on general obligation bonds issued before March 1, | 18 |
| 1995; (c) made
for any taxing district to pay interest or | 19 |
| principal on bonds issued to refund
or continue to refund those | 20 |
| bonds issued before March 1, 1995; (d) made for any
taxing | 21 |
| district to pay interest or principal on bonds issued to refund | 22 |
| or
continue to refund bonds issued after March 1, 1995 that | 23 |
| were approved by
referendum; (e) made for any taxing district | 24 |
| to pay interest or principal on
revenue bonds issued before | 25 |
| March 1, 1995 for payment of which a property tax
levy or the | 26 |
| full faith and credit of the unit of local government is | 27 |
| pledged;
however, a tax for the payment of interest or | 28 |
| principal on those bonds shall be
made only after the governing | 29 |
| body of the unit of local government finds that
all other | 30 |
| sources for payment are insufficient to make those payments; | 31 |
| (f) made
for payments under a building commission lease when | 32 |
| the lease payments are for
the retirement of bonds issued by | 33 |
| the commission before March 1, 1995 to
pay for the building | 34 |
| project; (g) made for payments due under installment
contracts | 35 |
| entered into before March 1, 1995; (h) made for payments of
| 36 |
| principal and interest on bonds issued under the Metropolitan |
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| Water Reclamation
District Act to finance construction | 2 |
| projects initiated before October 1,
1991; (h-4) made for | 3 |
| stormwater management purposes by the Metropolitan Water | 4 |
| Reclamation District of Greater Chicago under Section 12 of the | 5 |
| Metropolitan Water Reclamation District Act; (i) made for | 6 |
| payments of principal and interest on limited bonds,
as defined | 7 |
| in Section 3 of the Local Government Debt Reform Act, in an | 8 |
| amount
not to exceed the debt service extension base less the | 9 |
| amount in items (b),
(c), and (e) of this definition for | 10 |
| non-referendum obligations, except
obligations initially | 11 |
| issued pursuant to referendum and bonds described in
subsection | 12 |
| (h) of this definition; (j) made for payments of
principal and | 13 |
| interest on bonds issued under Section 15 of the Local | 14 |
| Government
Debt Reform Act; (k) made for payments of principal | 15 |
| and interest on bonds
authorized by Public Act 88-503 and | 16 |
| issued under Section 20a of the Chicago
Park District Act for | 17 |
| aquarium or
museum projects; (l) made for payments of principal | 18 |
| and interest on
bonds
authorized by Public Act 87-1191 or | 19 |
| 93-601 and (i) issued pursuant to Section 21.2 of the Cook | 20 |
| County Forest
Preserve District Act, (ii) issued under Section | 21 |
| 42 of the Cook County
Forest Preserve District Act for | 22 |
| zoological park projects, or (iii) issued
under Section 44.1 of | 23 |
| the Cook County Forest Preserve District Act for
botanical | 24 |
| gardens projects; (m) made
pursuant
to Section 34-53.5 of the | 25 |
| School Code, whether levied annually or not;
(n) made to fund | 26 |
| expenses of providing joint recreational programs for the
| 27 |
| handicapped under Section 5-8 of the Park
District Code or | 28 |
| Section 11-95-14 of the Illinois Municipal Code;
(o) made by | 29 |
| the
Chicago Park
District for recreational programs for the | 30 |
| handicapped under subsection (c) of
Section
7.06 of the Chicago | 31 |
| Park District Act; and (p) made for contributions to a | 32 |
| firefighter's pension fund created under Article 4 of the | 33 |
| Illinois Pension Code, to the extent of the amount certified | 34 |
| under item (5) of Section 4-134 of the Illinois Pension Code.
| 35 |
| "Aggregate extension" for all taxing districts to which | 36 |
| this Law applies in
accordance with Section 18-213, except for |
|
|
|
SB0702 Enrolled |
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LRB094 08536 BDD 38743 b |
|
| 1 |
| those taxing districts subject to
paragraph (2) of subsection | 2 |
| (e) of Section 18-213, means the annual corporate
extension for | 3 |
| the
taxing district and those special purpose extensions that | 4 |
| are made annually for
the taxing district, excluding special | 5 |
| purpose extensions: (a) made for the
taxing district to pay | 6 |
| interest or principal on general obligation bonds that
were | 7 |
| approved by referendum; (b) made for any taxing district to pay | 8 |
| interest
or principal on general obligation bonds issued before | 9 |
| the date on which the
referendum making this
Law applicable to | 10 |
| the taxing district is held; (c) made
for any taxing district | 11 |
| to pay interest or principal on bonds issued to refund
or | 12 |
| continue to refund those bonds issued before the date on which | 13 |
| the
referendum making this Law
applicable to the taxing | 14 |
| district is held;
(d) made for any
taxing district to pay | 15 |
| interest or principal on bonds issued to refund or
continue to | 16 |
| refund bonds issued after the date on which the referendum | 17 |
| making
this Law
applicable to the taxing district is held if | 18 |
| the bonds were approved by
referendum after the date on which | 19 |
| the referendum making this Law
applicable to the taxing | 20 |
| district is held; (e) made for any
taxing district to pay | 21 |
| interest or principal on
revenue bonds issued before the date | 22 |
| on which the referendum making this Law
applicable to the
| 23 |
| taxing district is held for payment of which a property tax
| 24 |
| levy or the full faith and credit of the unit of local | 25 |
| government is pledged;
however, a tax for the payment of | 26 |
| interest or principal on those bonds shall be
made only after | 27 |
| the governing body of the unit of local government finds that
| 28 |
| all other sources for payment are insufficient to make those | 29 |
| payments; (f) made
for payments under a building commission | 30 |
| lease when the lease payments are for
the retirement of bonds | 31 |
| issued by the commission before the date on which the
| 32 |
| referendum making this
Law applicable to the taxing district is | 33 |
| held to
pay for the building project; (g) made for payments due | 34 |
| under installment
contracts entered into before the date on | 35 |
| which the referendum making this Law
applicable to
the taxing | 36 |
| district is held;
(h) made for payments
of principal and |
|
|
|
SB0702 Enrolled |
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LRB094 08536 BDD 38743 b |
|
| 1 |
| interest on limited bonds,
as defined in Section 3 of the Local | 2 |
| Government Debt Reform Act, in an amount
not to exceed the debt | 3 |
| service extension base less the amount in items (b),
(c), and | 4 |
| (e) of this definition for non-referendum obligations, except
| 5 |
| obligations initially issued pursuant to referendum; (i) made | 6 |
| for payments
of
principal and interest on bonds issued under | 7 |
| Section 15 of the Local Government
Debt Reform Act;
(j)
made | 8 |
| for a qualified airport authority to pay interest or principal | 9 |
| on
general obligation bonds issued for the purpose of paying | 10 |
| obligations due
under, or financing airport facilities | 11 |
| required to be acquired, constructed,
installed or equipped | 12 |
| pursuant to, contracts entered into before March
1, 1996 (but | 13 |
| not including any amendments to such a contract taking effect | 14 |
| on
or after that date); (k) made to fund expenses of providing | 15 |
| joint
recreational programs for the handicapped under Section | 16 |
| 5-8 of
the
Park District Code or Section 11-95-14 of the | 17 |
| Illinois Municipal Code; and (l) made for contributions to a | 18 |
| firefighter's pension fund created under Article 4 of the | 19 |
| Illinois Pension Code, to the extent of the amount certified | 20 |
| under item (5) of Section 4-134 of the Illinois Pension Code.
| 21 |
| "Aggregate extension" for all taxing districts to which | 22 |
| this Law applies in
accordance with paragraph (2) of subsection | 23 |
| (e) of Section 18-213 means the
annual corporate extension for | 24 |
| the
taxing district and those special purpose extensions that | 25 |
| are made annually for
the taxing district, excluding special | 26 |
| purpose extensions: (a) made for the
taxing district to pay | 27 |
| interest or principal on general obligation bonds that
were | 28 |
| approved by referendum; (b) made for any taxing district to pay | 29 |
| interest
or principal on general obligation bonds issued before | 30 |
| the effective date of
this amendatory Act of 1997;
(c) made
for | 31 |
| any taxing district to pay interest or principal on bonds | 32 |
| issued to refund
or continue to refund those bonds issued | 33 |
| before the effective date
of this amendatory Act of 1997;
(d) | 34 |
| made for any
taxing district to pay interest or principal on | 35 |
| bonds issued to refund or
continue to refund bonds issued after | 36 |
| the effective date of this amendatory Act
of 1997 if the bonds |
|
|
|
SB0702 Enrolled |
- 15 - |
LRB094 08536 BDD 38743 b |
|
| 1 |
| were approved by referendum after the effective date of
this | 2 |
| amendatory Act of 1997;
(e) made for any
taxing district to pay | 3 |
| interest or principal on
revenue bonds issued before the | 4 |
| effective date of this amendatory Act of 1997
for payment of | 5 |
| which a property tax
levy or the full faith and credit of the | 6 |
| unit of local government is pledged;
however, a tax for the | 7 |
| payment of interest or principal on those bonds shall be
made | 8 |
| only after the governing body of the unit of local government | 9 |
| finds that
all other sources for payment are insufficient to | 10 |
| make those payments; (f) made
for payments under a building | 11 |
| commission lease when the lease payments are for
the retirement | 12 |
| of bonds issued by the commission before the effective date
of | 13 |
| this amendatory Act of 1997
to
pay for the building project; | 14 |
| (g) made for payments due under installment
contracts entered | 15 |
| into before the effective date of this amendatory Act of
1997;
| 16 |
| (h) made for payments
of principal and interest on limited | 17 |
| bonds,
as defined in Section 3 of the Local Government Debt | 18 |
| Reform Act, in an amount
not to exceed the debt service | 19 |
| extension base less the amount in items (b),
(c), and (e) of | 20 |
| this definition for non-referendum obligations, except
| 21 |
| obligations initially issued pursuant to referendum; (i) made | 22 |
| for payments
of
principal and interest on bonds issued under | 23 |
| Section 15 of the Local Government
Debt Reform Act;
(j)
made | 24 |
| for a qualified airport authority to pay interest or principal | 25 |
| on
general obligation bonds issued for the purpose of paying | 26 |
| obligations due
under, or financing airport facilities | 27 |
| required to be acquired, constructed,
installed or equipped | 28 |
| pursuant to, contracts entered into before March
1, 1996 (but | 29 |
| not including any amendments to such a contract taking effect | 30 |
| on
or after that date); (k) made to fund expenses of providing | 31 |
| joint
recreational programs for the handicapped under Section | 32 |
| 5-8 of
the
Park District Code or Section 11-95-14 of the | 33 |
| Illinois Municipal Code; and (l) made for contributions to a | 34 |
| firefighter's pension fund created under Article 4 of the | 35 |
| Illinois Pension Code, to the extent of the amount certified | 36 |
| under item (5) of Section 4-134 of the Illinois Pension Code.
|
|
|
|
SB0702 Enrolled |
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LRB094 08536 BDD 38743 b |
|
| 1 |
| "Debt service extension base" means an amount equal to that | 2 |
| portion of the
extension for a taxing district for the 1994 | 3 |
| levy year, or for those taxing
districts subject to this Law in | 4 |
| accordance with Section 18-213, except for
those subject to | 5 |
| paragraph (2) of subsection (e) of Section 18-213, for the
levy
| 6 |
| year in which the referendum making this Law applicable to the | 7 |
| taxing district
is held, or for those taxing districts subject | 8 |
| to this Law in accordance with
paragraph (2) of subsection (e) | 9 |
| of Section 18-213 for the 1996 levy year,
constituting an
| 10 |
| extension for payment of principal and interest on bonds issued | 11 |
| by the taxing
district without referendum, but not including | 12 |
| excluded non-referendum bonds. For park districts (i) that were | 13 |
| first
subject to this Law in 1991 or 1995 and (ii) whose | 14 |
| extension for the 1994 levy
year for the payment of principal | 15 |
| and interest on bonds issued by the park
district without | 16 |
| referendum (but not including excluded non-referendum bonds)
| 17 |
| was less than 51% of the amount for the 1991 levy year | 18 |
| constituting an
extension for payment of principal and interest | 19 |
| on bonds issued by the park
district without referendum (but | 20 |
| not including excluded non-referendum bonds),
"debt service | 21 |
| extension base" means an amount equal to that portion of the
| 22 |
| extension for the 1991 levy year constituting an extension for | 23 |
| payment of
principal and interest on bonds issued by the park | 24 |
| district without referendum
(but not including excluded | 25 |
| non-referendum bonds). The debt service extension
base may be | 26 |
| established or increased as provided under Section 18-212.
| 27 |
| "Excluded non-referendum bonds" means (i) bonds authorized by | 28 |
| Public
Act 88-503 and issued under Section 20a of the Chicago | 29 |
| Park District Act for
aquarium and museum projects; (ii) bonds | 30 |
| issued under Section 15 of the
Local Government Debt Reform | 31 |
| Act; or (iii) refunding obligations issued
to refund or to | 32 |
| continue to refund obligations initially issued pursuant to
| 33 |
| referendum.
| 34 |
| "Special purpose extensions" include, but are not limited | 35 |
| to, extensions
for levies made on an annual basis for | 36 |
| unemployment and workers'
compensation, self-insurance, |
|
|
|
SB0702 Enrolled |
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LRB094 08536 BDD 38743 b |
|
| 1 |
| contributions to pension plans, and extensions
made pursuant to | 2 |
| Section 6-601 of the Illinois Highway Code for a road
| 3 |
| district's permanent road fund whether levied annually or not. | 4 |
| The
extension for a special service area is not included in the
| 5 |
| aggregate extension.
| 6 |
| "Aggregate extension base" means the taxing district's | 7 |
| last preceding
aggregate extension as adjusted under Sections | 8 |
| 18-215 through 18-230.
| 9 |
| "Levy year" has the same meaning as "year" under Section
| 10 |
| 1-155.
| 11 |
| "New property" means (i) the assessed value, after final | 12 |
| board of review or
board of appeals action, of new improvements | 13 |
| or additions to existing
improvements on any parcel of real | 14 |
| property that increase the assessed value of
that real property | 15 |
| during the levy year multiplied by the equalization factor
| 16 |
| issued by the Department under Section 17-30, (ii) the assessed | 17 |
| value, after
final board of review or board of appeals action, | 18 |
| of real property not exempt
from real estate taxation, which | 19 |
| real property was exempt from real estate
taxation for any | 20 |
| portion of the immediately preceding levy year, multiplied by
| 21 |
| the equalization factor issued by the Department under Section | 22 |
| 17-30 , including the assessed value, upon final stabilization | 23 |
| of occupancy after new construction is complete, of any real | 24 |
| property located within the boundaries of an otherwise or | 25 |
| previously exempt military reservation that is intended for | 26 |
| residential use and owned by or leased to a private corporation | 27 |
| or other entity , and
(iii) in counties that classify in | 28 |
| accordance with Section 4 of Article
IX of the
Illinois | 29 |
| Constitution, an incentive property's additional assessed | 30 |
| value
resulting from a
scheduled increase in the level of | 31 |
| assessment as applied to the first year
final board of
review | 32 |
| market value.
In addition, the county clerk in a county | 33 |
| containing a population of
3,000,000 or more shall include in | 34 |
| the 1997
recovered tax increment value for any school district, | 35 |
| any recovered tax
increment value that was applicable to the | 36 |
| 1995 tax year calculations.
|
|
|
|
SB0702 Enrolled |
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LRB094 08536 BDD 38743 b |
|
| 1 |
| "Qualified airport authority" means an airport authority | 2 |
| organized under
the Airport Authorities Act and located in a | 3 |
| county bordering on the State of
Wisconsin and having a | 4 |
| population in excess of 200,000 and not greater than
500,000.
| 5 |
| "Recovered tax increment value" means, except as otherwise | 6 |
| provided in this
paragraph, the amount of the current year's | 7 |
| equalized assessed value, in the
first year after a | 8 |
| municipality terminates
the designation of an area as a | 9 |
| redevelopment project area previously
established under the | 10 |
| Tax Increment Allocation Development Act in the Illinois
| 11 |
| Municipal Code, previously established under the Industrial | 12 |
| Jobs Recovery Law
in the Illinois Municipal Code, or previously | 13 |
| established under the Economic
Development Area Tax Increment | 14 |
| Allocation Act, of each taxable lot, block,
tract, or parcel of | 15 |
| real property in the redevelopment project area over and
above | 16 |
| the initial equalized assessed value of each property in the
| 17 |
| redevelopment project area.
For the taxes which are extended | 18 |
| for the 1997 levy year, the recovered tax
increment value for a | 19 |
| non-home rule taxing district that first became subject
to this | 20 |
| Law for the 1995 levy year because a majority of its 1994 | 21 |
| equalized
assessed value was in an affected county or counties | 22 |
| shall be increased if a
municipality terminated the designation | 23 |
| of an area in 1993 as a redevelopment
project area previously | 24 |
| established under the Tax Increment Allocation
Development Act | 25 |
| in the Illinois Municipal Code, previously established under
| 26 |
| the Industrial Jobs Recovery Law in the Illinois Municipal | 27 |
| Code, or previously
established under the Economic Development | 28 |
| Area Tax Increment Allocation Act,
by an amount equal to the | 29 |
| 1994 equalized assessed value of each taxable lot,
block, | 30 |
| tract, or parcel of real property in the redevelopment project | 31 |
| area over
and above the initial equalized assessed value of | 32 |
| each property in the
redevelopment project area.
In the first | 33 |
| year after a municipality
removes a taxable lot, block, tract, | 34 |
| or parcel of real property from a
redevelopment project area | 35 |
| established under the Tax Increment Allocation
Development Act | 36 |
| in the Illinois
Municipal Code, the Industrial Jobs Recovery |
|
|
|
SB0702 Enrolled |
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LRB094 08536 BDD 38743 b |
|
| 1 |
| Law
in the Illinois Municipal Code, or the Economic
Development | 2 |
| Area Tax Increment Allocation Act, "recovered tax increment | 3 |
| value"
means the amount of the current year's equalized | 4 |
| assessed value of each taxable
lot, block, tract, or parcel of | 5 |
| real property removed from the redevelopment
project area over | 6 |
| and above the initial equalized assessed value of that real
| 7 |
| property before removal from the redevelopment project area.
| 8 |
| Except as otherwise provided in this Section, "limiting | 9 |
| rate" means a
fraction the numerator of which is the last
| 10 |
| preceding aggregate extension base times an amount equal to one | 11 |
| plus the
extension limitation defined in this Section and the | 12 |
| denominator of which
is the current year's equalized assessed | 13 |
| value of all real property in the
territory under the | 14 |
| jurisdiction of the taxing district during the prior
levy year. | 15 |
| For those taxing districts that reduced their aggregate
| 16 |
| extension for the last preceding levy year, the highest | 17 |
| aggregate extension
in any of the last 3 preceding levy years | 18 |
| shall be used for the purpose of
computing the limiting rate. | 19 |
| The denominator shall not include new
property. The denominator | 20 |
| shall not include the recovered tax increment
value.
| 21 |
| (Source: P.A. 92-547, eff. 6-13-02; 93-601, eff. 1-1-04; | 22 |
| 93-606, eff. 11-18-03; 93-612, eff. 11-18-03; 93-689, eff. | 23 |
| 7-1-04; 93-690, eff. 7-1-04; 93-1049, eff. 11-17-04; revised | 24 |
| 12-14-04.)
| 25 |
| Section 99. Effective date. This Act takes effect upon | 26 |
| becoming law. |
|