HB4120 96TH GENERAL ASSEMBLY

LRB096 11805 HLH 22641 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB4120

Introduced 2/27/2009, by Rep. Mark L. Walker

SYNOPSIS AS INTRODUCED:

35 ILCS 200/18-184.5 new

Amends the Property Tax Code. Provides that any taxing district may order the county clerk to abate its taxes on any property if (i) a new business first occupies a facility located on the property during the taxable year, and (ii) the facility was vacant for a period of at least 24 continuous months prior to being occupied by the business.

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 18-184.5 as follows:

(35 ILCS 200/18-184.5 new)

Sec. 18-184.5. Abatement for vacant facilities. Any taxing district may order the county clerk to abate its taxes on any property if (i) a new business first occupies a facility located on the property during the taxable year, and (ii) the facility was vacant for a period of at least 24 continuous months prior to being occupied by the business.