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


Sen. Michael W. Frerichs

Filed: 3/4/2014





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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;
10natural 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. The method of valuation under this
15Section shall continue until there is a change in use or



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1ownership of the property or until the fifteenth taxable year
2after the natural disaster occurs, whichever occurs first. In
3order to qualify for valuation under this Section, the
4structure must be rebuilt within 2 years after the date of the
5natural disaster, and the square footage of the rebuilt
6structure may not be more than 110% of the square footage of
7the original structure as it existed immediately prior to the
8natural disaster.
9    "Base year" means the taxable year prior to the taxable
10year in which the natural disaster occurred.
11    "Modified equalized assessed value" means:
12        (1) in the first taxable year after the natural
13    disaster occurs, the equalized assessed value of the
14    property for the base year; and
15        (2) in the second taxable year after the natural
16    disaster occurs and thereafter, the modified equalized
17    assessed value of the property for the previous taxable
18    year, increased by 4%.
19    "Natural disaster" means an occurrence of widespread or
20severe damage or loss of property resulting from any
21catastrophic cause including, but not limited to, fire, flood,
22earthquake, wind, storm, or extended period of severe inclement
23weather. In the case of a commercial or industrial structure
24affected by flooding, the structure shall not be eligible for
25this exemption unless it is located within a local jurisdiction
26which is participating in the National Flood Insurance Program.



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1The natural disaster shall be proclaimed as such by the
2Governor or the President of the United States.
3    "Qualified parcel of property" means property that (i) is
4owned and used exclusively for commercial or industrial
5purposes by a small business and (ii) has been rebuilt
6following a natural disaster occurring in taxable year 2013 or
7any taxable year thereafter.
8    "Small business" means a business that employs fewer than
950 full-time employees.
10    Section 99. Effective date. This Act takes effect upon
11becoming law.".