State of Illinois
92nd General Assembly
Legislation

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92_SB0022ham010

 










                                             LRB9201505SMcdam

 1                     AMENDMENT TO SENATE BILL 22

 2        AMENDMENT NO.     .  Amend Senate Bill 22, AS AMENDED, by
 3    replacing the title with the following:
 4        "AN ACT in relation to taxes."; and

 5    by replacing everything after the enacting  clause  with  the
 6    following:

 7        "Section  5.   The Property Tax Code is amended by adding
 8    Section 18-181 as follows:

 9        (35 ILCS 200/18-181 new)
10        Sec.  18-181.  Abatement for newly-constructed base  load
11    electric  generating  stations.  Any taxing district that has
12    an assessed valuation for the year 2000, as equalized by  the
13    Department  of  Revenue,  that  is at least 15% less than its
14    assessed valuation for the year 1999  may,  upon  a  majority
15    vote of its governing authority, contract with the owner of a
16    base  load  electric  generating  station  with  a generating
17    capacity of at least 1,000 megawatts newly-constructed within
18    the taxing district for the abatement of the station's  taxes
19    for  a period not to exceed 20 years so long as the equalized
20    assessed  valuation  of  the  newly-constructed   base   load
21    electric  generating  station  is  equal  to  or greater than
 
                            -2-              LRB9201505SMcdam
 1    $150,000,000.  The abatement may not exceed, over the 20-year
 2    term of the  contract,  37  1/2%  of  the  taxing  district's
 3    aggregate taxes from the newly-constructed base load electric
 4    generating station.
 5        The   contract   is  not  effective  unless  it  contains
 6    provisions requiring the owner of the newly-constructed  base
 7    load  electric  generating  station  to  repay  to the taxing
 8    district  all  amounts  previously  abated,   together   with
 9    interest  computed at the rate and in the manner provided for
10    delinquent  taxes,  in  the  event  that  the  owner  of  the
11    newly-constructed  base  load  electric  generating   station
12    closes  the  station  before  the  expiration of the contract
13    period.
14        The authorization of taxing districts to  contract  under
15    this  Section  shall  not  apply  to  any electric generating
16    station  with  an  equalized  assessed  valuation  less  than
17    $150,000,000.   The  authorization  of  taxing  districts  to
18    contract under this Section expires on January 1, 2002.

19        Section  99.  Effective date.  This Act takes effect upon
20    becoming law.".

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