State of Illinois
92^nd General Assembly
Legislation

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92_SB0713eng

 
SB713 Engrossed                                LRB9208029SMdv

 1        AN ACT in relation to 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  adding
 5    Section 18-181 as follows:

 6        (35 ILCS 200/18-181 new)
 7        Sec.  18-181.   Abatement  for  newly-created or expanded
 8    commercial or industrial firm.  Any taxing district that has,
 9    during the immediately preceding year, an assessed valuation,
10    as equalized by the Department of Revenue, that is  equal  to
11    or less than its highest assessed valuation during any one of
12    the  5  years  preceding  the  immediately preceding year, as
13    adjusted by the change in the Consumer  Price  Index  between
14    the  highest  year  and  the immediately preceding year, may,
15    upon a majority vote of  its  governing  authority,  contract
16    with a commercial or industrial firm for the abatement of the
17    firm's taxes for a period not to exceed 20 years if that firm
18    (i)  locates  within  the taxing district from another state,
19    territory, or country, (ii)  is  newly  created  within  this
20    State,  or (iii) expands an existing facility. To be eligible
21    for abatement, the assessed valuation  of  the  newly-created
22    commercial or industrial facility or expansion of an existing
23    facility must be $100,000,000 or more.  The abatement may not
24    exceed (i) 15% of the taxes from the newly-created commercial
25    or  industrial facility or 15% of the increase in taxes based
26    on the expansion of  an  existing  facility  during  years  1
27    through 10 of the contract and (ii) 10% of the taxes from the
28    newly-created commercial or industrial facility or 10% of the
29    increase  in  taxes  based  on  the  expansion of an existing
30    facility during years 11 through 20  of  the  contract.   The
31    contract  is  not  effective  unless  it  contains provisions
 
SB713 Engrossed             -2-                LRB9208029SMdv
 1    requiring the commercial or industrial firm to repay  to  the
 2    taxing  district all amounts previously abated, together with
 3    interest computed at the rate and in the manner provided  for
 4    delinquent  taxes,  in  the  event  that  the  commercial  or
 5    industrial  firm  closes  the facility or moves its operation
 6    from  the  taxing  district  before  the  expiration  of  the
 7    contract period.

 8        Section 99.  Effective date.  This Act takes effect  upon
 9    becoming law.

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