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|[ Introduced ]||[ Engrossed ]||[ House Amendment 001 ]|
90_HB0275enr 35 ILCS 200/15-65 Amends the Property Tax Code. Includes in the list of property granted an exemption based on charitable purposes academic or research institutes that qualify for the charitable purposes exemption under the Internal Revenue Code of 1986 because they operate for the benefit of the public by actually and exclusively performing scientific research and making the result of the research available to the public on a non-discriminatory basis. LRB9000458KRkb HB0275 Enrolled LRB9000458KRkb 1 AN ACT to amend the Property Tax Code by changing Section 2 18-165. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Property Tax Code is amended by changing 6 Section 18-165 as follows: 7 (35 ILCS 200/18-165) 8 Sec. 18-165. Abatement of taxes. 9 (a) Any taxing district, upon a majority vote of its 10 governing authority, may, after the determination of the 11 assessed valuation of its property, order the clerk of that 12 county to abate any portion of its taxes on the following 13 types of property: 14 (1) Commercial and industrial. 15 (A) The property of any commercial or 16 industrial firm, including but not limited to the 17 property of any firm that is used for collecting, 18 separating, storing, or processing recyclable 19 materials, locating within the taxing district 20 during the immediately preceding year from another 21 state, territory, or country, or having been newly 22 created within this State during the immediately 23 preceding year, or expanding an existing facility. 24 The abatement shall not exceed a period of 10 years 25 and the aggregate amount of abated taxes for all 26 taxing districts combined shall not exceed 27 $3,000,000; or 28 (B) The property of any commercial or 29 industrial development of at least 500 acres having 30 been created within the taxing district. The 31 abatement shall not exceed a period of 20 years and HB0275 Enrolled -2- LRB9000458KRkb 1 the aggregate amount of abated taxes for all taxing 2 districts combined shall not exceed $12,000,000. 3 (2) Horse racing. Any property in the taxing 4 district which is used for the racing of horses and upon 5 which capital improvements consisting of expansion, 6 improvement or replacement of existing facilities have 7 been made since July 1, 1987. The combined abatements 8 for such property from all taxing districts in any county 9 shall not exceed $5,000,000 annually and shall not exceed 10 a period of 10 years. 11 (3) Auto racing. Any property designed exclusively 12 for the racing of motor vehicles which became subject to 13 property taxation after September 24, 1984 and is located 14 within a county with 225,000 or more but less than 15 300,000 inhabitants. Such abatement shall not exceed a 16 period of 10 years. 17 (4) Academic or research institute. The property 18 of any academic or research institute in the taxing 19 district that (i) is an exempt organization under 20 paragraph (3) of Section 501(c) of the Internal Revenue 21 Code, (ii) operates for the benefit of the public by 22 actually and exclusively performing scientific research 23 and making the results of the research available to the 24 interested public on a non-discriminatory basis, and 25 (iii) employs more than 100 employees. An abatement 26 granted under this paragraph shall be for at least 15 27 years and the aggregate amount of abated taxes for all 28 taxing districts combined shall not exceed $5,000,000. 29 (b) Upon a majority vote of its governing authority, any 30 municipality may, after the determination of the assessed 31 valuation of its property, order the county clerk to abate 32 any portion of its taxes on any property that is located 33 within the corporate limits of the municipality in accordance 34 with Section 8-3-18 of the Illinois Municipal Code. HB0275 Enrolled -3- LRB9000458KRkb 1 (Source: P.A. 87-17; 87-477; 87-895; 88-389; 88-455; 88-657, 2 eff. 1-1-95; 88-670, eff. 12-2-94; 89-561, eff. 1-1-97.) 3 Section 99. Effective date. This Act takes effect upon 4 becoming law.
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