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90_SB0677eng
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.
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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 $4,000,000 $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
SB677 Engrossed -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 that expands a facility or its number of
6 employees. The abatement shall not exceed a period
7 of 10 years and the aggregate amount of abated taxes
8 for all taxing districts combined shall not exceed
9 $4,000,000. The abatement period may be renewed at
10 the option of the taxing districts.
11 (2) Horse racing. Any property in the taxing
12 district which is used for the racing of horses and upon
13 which capital improvements consisting of expansion,
14 improvement or replacement of existing facilities have
15 been made since July 1, 1987. The combined abatements
16 for such property from all taxing districts in any county
17 shall not exceed $5,000,000 annually and shall not exceed
18 a period of 10 years.
19 (3) Auto racing. Any property designed exclusively
20 for the racing of motor vehicles which became subject to
21 property taxation after September 24, 1984 and is located
22 within a county with 225,000 or more but less than
23 300,000 inhabitants. Such abatement shall not exceed a
24 period of 10 years.
25 (b) Upon a majority vote of its governing authority, any
26 municipality may, after the determination of the assessed
27 valuation of its property, order the county clerk to abate
28 any portion of its taxes on any property that is located
29 within the corporate limits of the municipality in accordance
30 with Section 8-3-18 of the Illinois Municipal Code.
31 (Source: P.A. 87-17; 87-477; 87-895; 88-389; 88-455; 88-657,
32 eff. 1-1-95; 88-670, eff. 12-2-94; 89-561, eff. 1-1-97.)