Illinois General Assembly - Full Text of SB3259
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Full Text of SB3259  98th General Assembly


Rep. Chad Hays

Filed: 5/28/2014





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2    AMENDMENT NO. ______. Amend Senate Bill 3259 by replacing
3everything after the enacting clause with the following:
4    "Section 5. The Property Tax Code is amended by adding
5Division 19 to Article 10 as follows:
6    (35 ILCS 200/Art. 10 Div. 19 heading new)

8    (35 ILCS 200/10-700 new)
9    Sec. 10-700. Qualified commercial and industrial property;
10tornado disaster. Notwithstanding any other provision of law,
11each qualified parcel of commercial or industrial property
12owned and used by a small business shall be valued at the
13lesser of (i) its modified equalized assessed value or (ii) 33
141/3% of its fair cash value or, in the case of property located
15in a county that classifies property for purposes of taxation



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1in accordance with Section 4 of Article IX of the Constitution,
2the percentage of fair cash value as required by county
3ordinance. The method of valuation under this Section shall
4continue until there is a change in use or ownership of the
5property or until the fifteenth taxable year after the tornado
6disaster occurs, whichever occurs first. In order to qualify
7for valuation under this Section, the structure must be rebuilt
8within 2 years after the date of the tornado disaster, and the
9square footage of the rebuilt structure may not be more than
10110% of the square footage of the original structure as it
11existed immediately prior to the tornado disaster.
12    "Base year" means the taxable year prior to the taxable
13year in which the tornado disaster occurred.
14    "Modified equalized assessed value" means:
15        (1) in the first taxable year after the tornado
16    disaster occurs, the equalized assessed value of the
17    property for the base year; and
18        (2) in the second taxable year after the tornado
19    disaster occurs and thereafter, the modified equalized
20    assessed value of the property for the previous taxable
21    year, increased by 4%.
22    "Tornado disaster" means an occurrence of widespread or
23severe damage or loss of property resulting from a tornado or
24combination of tornadoes that has been proclaimed as a natural
25disaster by the Governor or the President of the United States.
26    "Qualified parcel of property" means property that (i) is



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1owned and used exclusively for commercial or industrial
2purposes by a small business and (ii) has been rebuilt
3following a tornado disaster occurring in taxable year 2013 or
4any taxable year thereafter.
5    "Small business" means a business that employs fewer than
650 full-time employees.
7    Section 99. Effective date. This Act takes effect upon
8becoming law.".