State of Illinois
90th General Assembly
Legislation

   [ Search ]   [ Legislation ]   [ Bill Summary ]
[ Home ]   [ Back ]   [ Bottom ]


[ Engrossed ][ Enrolled ][ House Amendment 001 ]
[ Senate Amendment 001 ][ Senate Amendment 002 ][ Senate Amendment 003 ]

90_SB0677

      35 ILCS 200/18-165
          Amends the Property Tax Code. Includes  in  the  list  of
      commercial  and  industrial  property  that may receive a tax
      abatement the property of any commercial or  industrial  firm
      currently  located  in the taxing district with the intent of
      expanding a facility or its  number  of  employees.  Provides
      that  the abatement shall not exceed a period of 10 years and
      an aggregate amount of $10,000,000 for all taxing  districts.
      Increases   the  aggregate  abatement  for  property  of  any
      commercial or industrial  firm  locating  within  the  taxing
      district  during  the immediately preceding year from another
      state, territory, or county,  or  newly  created  during  the
      immediately preceding year from $3,000,000 to $10,000,000.
                                                     LRB9001431KDcc
                                               LRB9001431KDcc
 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             $10,000,000 $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
                            -2-                LRB9001431KDcc
 1             the aggregate amount of abated taxes for all  taxing
 2             districts combined shall not exceed $12,000,000.
 3                  (C)  The   property   of   any   commercial  or
 4             industrial firm  currently  located  in  the  taxing
 5             district  with the intent of expanding a facility or
 6             its number of employees.  The  abatement  shall  not
 7             exceed a period of 10 years and the aggregate amount
 8             of  abated  taxes  for all taxing districts combined
 9             shall not exceed $10,000,000. The  abatement  period
10             may   be   renewed  at  the  option  of  the  taxing
11             districts.
12             (2)  Horse  racing.   Any  property  in  the  taxing
13        district which is used for the racing of horses and  upon
14        which   capital  improvements  consisting  of  expansion,
15        improvement or replacement of  existing  facilities  have
16        been  made  since  July 1, 1987.  The combined abatements
17        for such property from all taxing districts in any county
18        shall not exceed $5,000,000 annually and shall not exceed
19        a period of 10 years.
20             (3)  Auto racing.  Any property designed exclusively
21        for the racing of motor vehicles which became subject  to
22        property taxation after September 24, 1984 and is located
23        within  a  county  with  225,000  or  more  but less than
24        300,000 inhabitants. Such abatement shall  not  exceed  a
25        period of 10 years.
26        (b)  Upon a majority vote of its governing authority, any
27    municipality  may,  after  the  determination of the assessed
28    valuation of its property, order the county  clerk  to  abate
29    any  portion  of  its  taxes  on any property that is located
30    within the corporate limits of the municipality in accordance
31    with Section 8-3-18 of the Illinois Municipal Code.
32    (Source: P.A. 87-17; 87-477; 87-895; 88-389; 88-455;  88-657,
33    eff. 1-1-95; 88-670, eff. 12-2-94; 89-561, eff. 1-1-97.)

[ Top ]