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92_SB0538enr SB538 Enrolled LRB9204323REtm 1 AN ACT concerning taxes. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Property Tax Code is amended by changing 5 Section 18-165 as follows: 6 (35 ILCS 200/18-165) 7 Sec. 18-165. Abatement of taxes. 8 (a) Any taxing district, upon a majority vote of its 9 governing authority, may, after the determination of the 10 assessed valuation of its property, order the clerk of that 11 county to abate any portion of its taxes on the following 12 types of property: 13 (1) Commercial and industrial. 14 (A) The property of any commercial or 15 industrial firm, including but not limited to the 16 property of any firm that is used for collecting, 17 separating, storing, or processing recyclable 18 materials, locating within the taxing district 19 during the immediately preceding year from another 20 state, territory, or country, or having been newly 21 created within this State during the immediately 22 preceding year, or expanding an existing facility. 23 The abatement shall not exceed a period of 10 years 24 and the aggregate amount of abated taxes for all 25 taxing districts combined shall not exceed 26 $4,000,000; or 27 (B) The property of any commercial or 28 industrial development of at least 500 acres having 29 been created within the taxing district. The 30 abatement shall not exceed a period of 20 years and 31 the aggregate amount of abated taxes for all taxing SB538 Enrolled -2- LRB9204323REtm 1 districts combined shall not exceed $12,000,000. 2 (C) The property of any commercial or 3 industrial firm currently located in the taxing 4 district that expands a facility or its number of 5 employees. The abatement shall not exceed a period 6 of 10 years and the aggregate amount of abated taxes 7 for all taxing districts combined shall not exceed 8 $4,000,000. The abatement period may be renewed at 9 the option of the taxing districts. 10 (2) Horse racing. Any property in the taxing 11 district which is used for the racing of horses and upon 12 which capital improvements consisting of expansion, 13 improvement or replacement of existing facilities have 14 been made since July 1, 1987. The combined abatements 15 for such property from all taxing districts in any county 16 shall not exceed $5,000,000 annually and shall not exceed 17 a period of 10 years. 18 (3) Auto racing. Any property designed exclusively 19 for the racing of motor vehicles. Such abatement shall 20 not exceed a period of 10 years. 21 (4) Academic or research institute. The property 22 of any academic or research institute in the taxing 23 district that (i) is an exempt organization under 24 paragraph (3) of Section 501(c) of the Internal Revenue 25 Code, (ii) operates for the benefit of the public by 26 actually and exclusively performing scientific research 27 and making the results of the research available to the 28 interested public on a non-discriminatory basis, and 29 (iii) employs more than 100 employees. An abatement 30 granted under this paragraph shall be for at least 15 31 years and the aggregate amount of abated taxes for all 32 taxing districts combined shall not exceed $5,000,000. 33 (5) Housing for older persons. Any property in the 34 taxing district that is devoted exclusively to affordable SB538 Enrolled -3- LRB9204323REtm 1 housing for older households. For purposes of this 2 paragraph, "older households" means those households (i) 3 living in housing provided under any State or federal 4 program that the Department of Human Rights determines is 5 specifically designed and operated to assist elderly 6 persons and is solely occupied by persons 55 years of age 7 or older and (ii) whose annual income does not exceed 80% 8 of the area gross median income, adjusted for family 9 size, as such gross income and median income are 10 determined from time to time by the United States 11 Department of Housing and Urban Development. The 12 abatement shall not exceed a period of 15 years, and the 13 aggregate amount of abated taxes for all taxing districts 14 shall not exceed $3,000,000. 15 (6) Historical society. For assessment years 1998 16 through 20032000, the property of an historical society 17 qualifying as an exempt organization under Section 18 501(c)(3) of the federal Internal Revenue Code. 19 (7) Recreational facilities. Any property in the 20 taxing district (i) that is used for a municipal airport, 21 (ii) that is subject to a leasehold assessment under 22 Section 9-195 of this Code and (iii) which is sublet from 23 a park district that is leasing the property from a 24 municipality, but only if the property is used 25 exclusively for recreational facilities or for parking 26 lots used exclusively for those facilities. The 27 abatement shall not exceed a period of 10 years. 28 (b) Upon a majority vote of its governing authority, any 29 municipality may, after the determination of the assessed 30 valuation of its property, order the county clerk to abate 31 any portion of its taxes on any property that is located 32 within the corporate limits of the municipality in accordance 33 with Section 8-3-18 of the Illinois Municipal Code. 34 (Source: P.A. 90-46, eff. 7-3-97; 90-415, eff. 8-15-97; SB538 Enrolled -4- LRB9204323REtm 1 90-568, eff. 1-1-99; 90-655, eff. 7-30-98; 91-644, eff. 2 8-20-99; 91-885, eff. 7-6-00.) 3 Section 99. Effective date. This Act takes effect upon 4 becoming law.