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90_HB0275ham001
LRB9000458DNmbam02
1 AMENDMENT TO HOUSE BILL 275
2 AMENDMENT NO. . Amend House Bill 275 by replacing
3 the title with the following:
4 "AN ACT to amend the Property Tax Code by changing
5 Section 18-165."; and
6 by replacing everything after the enacting clause with the
7 following:
8 "Section 5. The Property Tax Code is amended by changing
9 Section 18-165 as follows:
10 (35 ILCS 200/18-165)
11 Sec. 18-165. Abatement of taxes.
12 (a) Any taxing district, upon a majority vote of its
13 governing authority, may, after the determination of the
14 assessed valuation of its property, order the clerk of that
15 county to abate any portion of its taxes on the following
16 types of property:
17 (1) Commercial and industrial.
18 (A) The property of any commercial or
19 industrial firm, including but not limited to the
20 property of any firm that is used for collecting,
21 separating, storing, or processing recyclable
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1 materials, locating within the taxing district
2 during the immediately preceding year from another
3 state, territory, or country, or having been newly
4 created within this State during the immediately
5 preceding year, or expanding an existing facility.
6 The abatement shall not exceed a period of 10 years
7 and the aggregate amount of abated taxes for all
8 taxing districts combined shall not exceed
9 $3,000,000; or
10 (B) The property of any commercial or
11 industrial development of at least 500 acres having
12 been created within the taxing district. The
13 abatement shall not exceed a period of 20 years and
14 the aggregate amount of abated taxes for all taxing
15 districts combined shall not exceed $12,000,000.
16 (2) Horse racing. Any property in the taxing
17 district which is used for the racing of horses and upon
18 which capital improvements consisting of expansion,
19 improvement or replacement of existing facilities have
20 been made since July 1, 1987. The combined abatements
21 for such property from all taxing districts in any county
22 shall not exceed $5,000,000 annually and shall not exceed
23 a period of 10 years.
24 (3) Auto racing. Any property designed exclusively
25 for the racing of motor vehicles which became subject to
26 property taxation after September 24, 1984 and is located
27 within a county with 225,000 or more but less than
28 300,000 inhabitants. Such abatement shall not exceed a
29 period of 10 years.
30 (4) Academic or research institute. The property
31 of any academic or research institute in the taxing
32 district that (i) is an exempt organization under
33 paragraph (3) of Section 501(c) of the Internal Revenue
34 Code, (ii) operates for the benefit of the public by
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1 actually and exclusively performing scientific research
2 and making the results of the research available to the
3 interested public on a non-discriminatory basis, and
4 (iii) employs more than 100 employees. An abatement
5 granted under this paragraph shall be for at least 15
6 years and the aggregate amount of abated taxes for all
7 taxing districts combined shall not exceed $5,000,000.
8 (b) Upon a majority vote of its governing authority, any
9 municipality may, after the determination of the assessed
10 valuation of its property, order the county clerk to abate
11 any portion of its taxes on any property that is located
12 within the corporate limits of the municipality in accordance
13 with Section 8-3-18 of the Illinois Municipal Code.
14 (Source: P.A. 87-17; 87-477; 87-895; 88-389; 88-455; 88-657,
15 eff. 1-1-95; 88-670, eff. 12-2-94; 89-561, eff. 1-1-97.)
16 Section 99. Effective date. This Act takes effect upon
17 becoming law.".