Full Text of SB3151 96th General Assembly
SB3151sam001 96TH GENERAL ASSEMBLY
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Sen. Terry Link
Filed: 3/11/2010
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09600SB3151sam001 |
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LRB096 19982 HLH 38448 a |
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| AMENDMENT TO SENATE BILL 3151
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| AMENDMENT NO. ______. Amend Senate Bill 3151 on page 3, | 3 |
| line 9, by replacing " Beginning January 1, 2011, " with " For | 4 |
| economic development project areas established or extended on | 5 |
| or after January 1, 2011, "; and
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| on page 3, immediately below line 14, by inserting the | 7 |
| following: | 8 |
| " If an economic development project area is established on | 9 |
| or after January 1, 2011, and the boundaries of the economic | 10 |
| development project area are subsequently expanded, then, | 11 |
| beginning with the first taxable year during which the | 12 |
| additional property is included, the equalized assessed value | 13 |
| for the previous year shall be calculated as though the | 14 |
| additional property had been included during the previous year. | 15 |
| If an economic development project area is established | 16 |
| prior to January 1, 2011, and the boundaries of the economic | 17 |
| development project area are expanded on or after January 1, |
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LRB096 19982 HLH 38448 a |
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| 2011, then, each year, the initial equalized assessed value of | 2 |
| the additional property must be increased over the initial | 3 |
| equalized assessed value of the additional property for the | 4 |
| previous year by the annual rate of increase, for the previous
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| calendar year, of the Consumer Price Index for All Urban
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| Consumers for all items, published by the United States
Bureau | 7 |
| of Labor Statistics. "; and | 8 |
| on page 5, line 21, by replacing " Beginning January 1, 2011, " | 9 |
| with " For economic development project areas established or | 10 |
| extended on or after January 1, 2011, "; and | 11 |
| on page 5, immediately below line 26, by inserting the | 12 |
| following: | 13 |
| " If an economic development project area is established on | 14 |
| or after January 1, 2011, and the boundaries of the economic | 15 |
| development project area are subsequently expanded, then, | 16 |
| beginning with the first taxable year during which the | 17 |
| additional property is included, the equalized assessed value | 18 |
| for the previous year shall be calculated as though the | 19 |
| additional property had been included during the previous year. | 20 |
| If an economic development project area is established | 21 |
| prior to January 1, 2011, and the boundaries of the economic | 22 |
| development project area are expanded on or after January 1, | 23 |
| 2011, then, each year, the initial equalized assessed value of | 24 |
| the additional property must be increased over the initial |
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LRB096 19982 HLH 38448 a |
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| equalized assessed value of the additional property for the | 2 |
| previous year by the annual rate of increase, for the previous
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| calendar year, of the Consumer Price Index for All Urban
| 4 |
| Consumers for all items, published by the United States
Bureau | 5 |
| of Labor Statistics. "; and | 6 |
| on page 8, line 5, by replacing " Beginning January 1, 2011, " | 7 |
| with " For economic development project areas established or | 8 |
| extended on or after January 1, 2011, "; and | 9 |
| on page 8, immediately below line 10, by inserting the | 10 |
| following: | 11 |
| " If an economic development project area is established on | 12 |
| or after January 1, 2011, and the boundaries of the economic | 13 |
| development project area are subsequently expanded, then, | 14 |
| beginning with the first taxable year during which the | 15 |
| additional property is included, the equalized assessed value | 16 |
| for the previous year shall be calculated as though the | 17 |
| additional property had been included during the previous year. | 18 |
| If an economic development project area is established | 19 |
| prior to January 1, 2011, and the boundaries of the economic | 20 |
| development project area are expanded on or after January 1, | 21 |
| 2011, then, each year, the initial equalized assessed value of | 22 |
| the additional property must be increased over the initial | 23 |
| equalized assessed value of the additional property for the | 24 |
| previous year by the annual rate of increase, for the previous
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LRB096 19982 HLH 38448 a |
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| calendar year, of the Consumer Price Index for All Urban
| 2 |
| Consumers for all items, published by the United States
Bureau | 3 |
| of Labor Statistics. "; and | 4 |
| on page 8, line 13, by replacing "Section 11-74.4-9" with | 5 |
| "Sections 11-74.4-9, 11-74.6-40, and 11-74.6-50"; and | 6 |
| on page 10, line 6, by replacing " Beginning January 1, 2011, " | 7 |
| with " For redevelopment project areas established or extended | 8 |
| on or after January 1, 2011, "; and | 9 |
| on page 10, immediately below line 11, by inserting the | 10 |
| following: | 11 |
| " If a redevelopment project area is established on or after | 12 |
| January 1, 2011, and the boundaries of the redevelopment | 13 |
| project area are subsequently expanded, then, beginning with | 14 |
| the first taxable year during which the additional property is | 15 |
| included, the equalized assessed value for the previous year | 16 |
| shall be calculated as though the additional property had been | 17 |
| included during the previous year. | 18 |
| If a redevelopment project area is established prior to | 19 |
| January 1, 2011, and the boundaries of the redevelopment | 20 |
| project area are expanded on or after January 1, 2011, then, | 21 |
| each year, the initial equalized assessed value of the | 22 |
| additional property must be increased over the initial | 23 |
| equalized assessed value of the additional property for the |
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LRB096 19982 HLH 38448 a |
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| previous year by the annual rate of increase, for the previous
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| calendar year, of the Consumer Price Index for All Urban
| 3 |
| Consumers for all items, published by the United States
Bureau | 4 |
| of Labor Statistics. "; and | 5 |
| on page 11, immediately below line 20, by inserting the | 6 |
| following:
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| "(65 ILCS 5/11-74.6-40)
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| Sec. 11-74.6-40. Equalized assessed value determination; | 9 |
| property tax
extension.
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| (a) If a municipality by ordinance provides for tax | 11 |
| increment allocation
financing under Section 11-74.6-35, the | 12 |
| county clerk immediately thereafter:
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| (1) shall determine the initial equalized assessed | 14 |
| value of each
parcel of real property in the redevelopment | 15 |
| project area, which is the
most recently established | 16 |
| equalized assessed value of each lot, block,
tract or | 17 |
| parcel of taxable real property within the redevelopment | 18 |
| project
area, minus the homestead exemptions under Article | 19 |
| 15 of the Property Tax Code; and
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| (2) shall certify to the municipality the total initial | 21 |
| equalized
assessed value of all taxable real property | 22 |
| within the redevelopment
project area.
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| (b) Any municipality that has established a vacant | 24 |
| industrial
buildings conservation area may, by ordinance |
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| passed after
the adoption of tax increment allocation | 2 |
| financing, provide that the county
clerk immediately | 3 |
| thereafter shall again determine:
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| (1) the updated initial equalized assessed value of | 5 |
| each lot, block,
tract or parcel of real property, which is | 6 |
| the most recently
ascertained equalized assessed value of | 7 |
| each lot, block, tract or parcel of
real property within | 8 |
| the vacant industrial buildings conservation area; and
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| (2) the total updated initial equalized assessed value | 10 |
| of all
taxable real property within the redevelopment | 11 |
| project area,
which is the total of the updated initial | 12 |
| equalized assessed value of
all taxable real property | 13 |
| within the vacant industrial buildings
conservation area.
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| The county clerk shall certify to the municipality the | 15 |
| total updated
initial equalized assessed value of all taxable | 16 |
| real property within the
industrial buildings conservation | 17 |
| area.
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| (c) After the county clerk has certified the total initial
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| equalized assessed value or the total updated initial equalized | 20 |
| assessed
value of the taxable real property in the area, for | 21 |
| each taxing district in
which a redevelopment project area is | 22 |
| situated, the county clerk or any
other official required by | 23 |
| law to determine the amount of the equalized
assessed value of | 24 |
| all taxable property within
the district for the purpose of | 25 |
| computing the percentage rate of tax to be
extended upon | 26 |
| taxable property within the district, shall in every year
that |
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LRB096 19982 HLH 38448 a |
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| tax increment allocation financing is in effect determine the | 2 |
| total
equalized assessed value of taxable property in a | 3 |
| redevelopment project area by
including in that amount the | 4 |
| lower of the current equalized assessed value
or the certified | 5 |
| total initial equalized assessed value or, if the total of
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| updated equalized assessed value has been certified, the total | 7 |
| updated
initial equalized assessed value of all taxable real | 8 |
| property in the
redevelopment project area. After he has | 9 |
| certified the total initial
equalized assessed value he shall | 10 |
| in the year of that
certification, if tax rates have not been | 11 |
| extended, and in every subsequent
year that tax increment | 12 |
| allocation financing is in effect, determine the
amount of | 13 |
| equalized assessed value of taxable property in a redevelopment
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| project area by including in that amount the lower of the | 15 |
| current total
equalized assessed value or the certified total | 16 |
| initial equalized assessed
value or, if the total of updated | 17 |
| initial equalized assessed values have been
certified, the | 18 |
| total updated initial equalized assessed value of all taxable
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| real property in the redevelopment project area.
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| (c-5) For redevelopment project areas established or | 21 |
| extended on or after January 1, 2011, each year, the initial | 22 |
| equalized
assessed value must be increased over the initial | 23 |
| equalized assessed value of the previous year by the annual | 24 |
| rate of increase, for the previous
calendar year, of the | 25 |
| Consumer Price Index for All Urban
Consumers for all items, | 26 |
| published by the United States
Bureau of Labor Statistics. |
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09600SB3151sam001 |
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LRB096 19982 HLH 38448 a |
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| If a redevelopment project area is established on or after | 2 |
| January 1, 2011, and the boundaries of the redevelopment | 3 |
| project area are subsequently expanded, then, beginning with | 4 |
| the first taxable year during which the additional property is | 5 |
| included, the equalized assessed value for the previous year | 6 |
| shall be calculated as though the additional property had been | 7 |
| included during the previous year. | 8 |
| If a redevelopment project area is established prior to | 9 |
| January 1, 2011, and the boundaries of the redevelopment | 10 |
| project area are expanded on or after January 1, 2011, then, | 11 |
| each year, the initial equalized assessed value of the | 12 |
| additional property must be increased over the initial | 13 |
| equalized assessed value of the additional property for the | 14 |
| previous year by the annual rate of increase, for the previous
| 15 |
| calendar year, of the Consumer Price Index for All Urban
| 16 |
| Consumers for all items, published by the United States
Bureau | 17 |
| of Labor Statistics. | 18 |
| (d) The percentage rate of tax determined shall be extended | 19 |
| on the
current equalized assessed value of all property in the | 20 |
| redevelopment
project area in the same manner as the rate per | 21 |
| cent of tax is extended to
all other taxable property in the | 22 |
| taxing district. The method of extending
taxes established | 23 |
| under this Section shall terminate when the municipality
adopts | 24 |
| an ordinance dissolving the special tax allocation fund for the
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| redevelopment project area. This Law shall not be construed as | 26 |
| relieving
property owners within a redevelopment project area |
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LRB096 19982 HLH 38448 a |
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| from paying a uniform
rate of taxes upon the current equalized | 2 |
| assessed value of their taxable
property as provided in the | 3 |
| Property Tax Code.
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| (Source: P.A. 95-644, eff. 10-12-07.)
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| (65 ILCS 5/11-74.6-50)
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| Sec. 11-74.6-50.
On or before the date which is 60 months | 7 |
| following the
date
on which
this amendatory Act of 1994 becomes | 8 |
| law, the Department shall submit to the
General Assembly a
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| report detailing the number of redevelopment project areas that | 10 |
| have been
established, the number and type of jobs created or | 11 |
| retained
therein, the aggregate amount of tax increment | 12 |
| incentives provided, the
aggregate amount of private | 13 |
| investment produced therein, the amount of tax
increment | 14 |
| revenue produced and available for expenditure within the tax
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| increment financing districts and such additional
information
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| as the Department may determine to be relevant. On or after | 17 |
| January 1, 2015, the date which
is 16 years following the date | 18 |
| on which this amendatory Act
of 1994 becomes
law the authority
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| granted hereunder to municipalities to establish redevelopment
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| project areas and to adopt tax increment allocation financing | 21 |
| in connection
therewith
shall expire unless the General | 22 |
| Assembly shall have
authorized municipalities to continue to | 23 |
| exercise said
powers.
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| (Source: P.A. 91-474, eff. 11-1-99.)"; and
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09600SB3151sam001 |
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LRB096 19982 HLH 38448 a |
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| on page 13, line 25, by replacing " Beginning January 1, 2011, " | 2 |
| with " For economic development project areas established or | 3 |
| extended on or after January 1, 2011, "; and | 4 |
| on page 14, immediately below line 4, by inserting the | 5 |
| following: | 6 |
| " If an economic development project area is established on | 7 |
| or after January 1, 2011, and the boundaries of the economic | 8 |
| development project area are subsequently expanded, then, | 9 |
| beginning with the first taxable year during which the | 10 |
| additional property is included, the equalized assessed value | 11 |
| for the previous year shall be calculated as though the | 12 |
| additional property had been included during the previous year. | 13 |
| If an economic development project area is established | 14 |
| prior to January 1, 2011, and the boundaries of the economic | 15 |
| development project area are expanded on or after January 1, | 16 |
| 2011, then, each year, the initial equalized assessed value of | 17 |
| the additional property must be increased over the initial | 18 |
| equalized assessed value of the additional property for the | 19 |
| previous year by the annual rate of increase, for the previous
| 20 |
| calendar year, of the Consumer Price Index for All Urban
| 21 |
| Consumers for all items, published by the United States
Bureau | 22 |
| of Labor Statistics. ".
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