State of Illinois
92nd General Assembly
Legislation

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92_SB1285ham004

 










                                             LRB9207332REpcam

 1                    AMENDMENT TO SENATE BILL 1285

 2        AMENDMENT NO.     .  Amend Senate Bill 1285, AS  AMENDED,
 3    by replacing the title with the following:
 4        "AN ACT concerning economic development."; and

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

 7        "Section 1.  Short title.  This Act may be cited  as  the
 8    Corporate Headquarters Relocation Act.

 9        Section  5. Purpose.  The General Assembly has determined
10    that the relocation  of  the  international  headquarters  of
11    large, multinational corporations from outside of Illinois to
12    a  location  within  Illinois  creates  a  substantial public
13    benefit and  will  foster  economic  growth  and  development
14    within  the  State.    Specifically,  these  relocations will
15    foster a positive image of the  State  of  Illinois  and  its
16    human  and natural resources throughout the United States and
17    the world; contribute to a strong residential housing market;
18    directly and indirectly  create  jobs  and  additional  taxes
19    within  the  State; encourage the relocation of other similar
20    businesses to the State; and otherwise foster the development
21    of commerce and industry within the State of Illinois.  These
 
                            -2-              LRB9207332REpcam
 1    relocations  should  be  encouraged  through   the   use   of
 2    incentives  that  encourage long-term commitments by business
 3    and industry to Illinois and  that  would  otherwise  not  be
 4    available through existing incentives programs.

 5        Section 10.  Definitions.  As used in this Act:
 6        "Corporate  headquarters" means the building or buildings
 7    that the principal executive officers of an eligible business
 8    have designated as their principal offices and  that  has  at
 9    least  250  employees  who  are  principally  located in that
10    building  or  those  buildings.   The   principal   executive
11    officers   may   include,  by  way  of  example  and  not  of
12    limitation, the chief executive officer, the chief  operating
13    officer,  and  other  senior  officer-level  employees of the
14    eligible business.  "Corporate headquarters" may also include
15    ancillary transportation facilities owned or  leased  by  the
16    eligible  business  whether or not physically adjacent to the
17    principal office building or buildings used by the  principal
18    executive  officers.  The ancillary transportation facilities
19    may include,  but  are  not  limited  to,  airplane  hangars,
20    helipads  or  heliports,  fixed  base operations, maintenance
21    facilities,  and  other  aviation-related   facilities.   All
22    employees  of  the  eligible  business  may  count toward the
23    satisfaction of the numeric requirement of  this  definition,
24    including   but  not  limited  to  support  staff  and  other
25    personnel  who  work  in  or  from  the  office  building  or
26    buildings or transportation facilities.
27        "Department"  means  the  Department  of   Commerce   and
28    Community Affairs.
29        "Director"  means  the Director of Commerce and Community
30    Affairs.
31        "Eligible business" means a business that: (i) is engaged
32    in interstate or  intrastate  commerce;  (ii)  maintains  its
33    corporate  headquarters  in a state other than Illinois as of
 
                            -3-              LRB9207332REpcam
 1    the effective date of this Act; (iii)  had  annual  worldwide
 2    revenues of at least $25,000,000,000 for the year immediately
 3    preceding  its application to the Department for the benefits
 4    authorized by this  Act;  and  (iv)  is  prepared  to  commit
 5    contractually to relocating its corporate headquarters to the
 6    State of Illinois in consideration of the benefits authorized
 7    by this Act.
 8        "Fund"   means   the  Corporate  Headquarters  Relocation
 9    Assistance Fund.
10        "Qualifying  project"  means  the   relocation   of   the
11    corporate   headquarters  of  an  eligible  business  from  a
12    location outside of Illinois to a location  within  Illinois,
13    whether  to  an  existing  structure  or otherwise.  When the
14    relocation  involves  an  initial  interim  facility   within
15    Illinois  and  a subsequent further relocation within 5 years
16    after the effective date of this Act to a permanent  facility
17    also  within  Illinois,  all  those  activities  collectively
18    constitute a "qualifying project" under this Act.
19        "Relocation  costs"  means  the  expenses  incurred by an
20    eligible business for a qualifying  project,  including,  but
21    not  limited  to,  the  following:  moving  costs and related
22    expenses; purchase of new or replacement  equipment;  outside
23    professional  fees and commissions; premiums for property and
24    casualty  insurance  coverage;  capital   investment   costs;
25    financing  costs;  property  assembly  and development costs,
26    including, but not  limited  to,  the  purchase,  lease,  and
27    construction    of    equipment,    buildings,    and   land,
28    infrastructure  improvements  and  site  development   costs,
29    leasehold improvements costs, rehabilitation costs, and costs
30    of  studies,  surveys, development of plans, and professional
31    services costs such  as  architectural,  engineering,  legal,
32    financial,  planning,  or other related services; "relocation
33    costs", however, does not  include  moving  costs  associated
34    with  the  relocation  of  the  personal  residences  of  the
 
                            -4-              LRB9207332REpcam
 1    employees  of  the eligible business and does not include any
 2    costs that do not directly result from the relocation of  the
 3    business  to  a  location  within  Illinois.   In determining
 4    whether costs directly result  from  the  relocation  of  the
 5    business,  the  Department  shall  consider whether the costs
 6    would likely have been incurred by the business if it had not
 7    relocated from its original location.

 8        Section 15.  Powers of the Department.   The  Department,
 9    in   addition   to   the   powers  granted  under  the  Civil
10    Administrative Code of Illinois, has all the powers necessary
11    and convenient to carry out and effectuate the  purposes  and
12    provisions  of  this  Act, including, but not limited to, the
13    power  to:
14             (1)  promulgate  rules  and   establish   procedures
15        deemed  necessary  and appropriate for the administration
16        of this Act;
17             (2)  negotiate and execute any term,  agreement,  or
18        other  document  with any person, entity, or body politic
19        necessary or appropriate to accomplish  the  purposes  of
20        this Act;
21             (3)  fix,  determine,  charge, and collect premiums,
22        fees,  charges,  costs,  and   expenses   from   eligible
23        businesses,  including,  without  limitation, application
24        fees, commitment fees, program fees,  financing  charges,
25        or publication fees as deemed appropriate to pay expenses
26        necessary  or  incident  to  the  administration  of  the
27        Department's   activities  and  duties  under  this  Act,
28        including  the  preparation  and   enforcement   of   any
29        agreement,  or for consultation services, legal services,
30        or other costs;
31             (4)  require  eligible  businesses,   upon   written
32        request,  to  issue  any  necessary  authorization to the
33        appropriate federal, state, or local  authority  for  the
 
                            -5-              LRB9207332REpcam
 1        release  of  information concerning a qualifying project;
 2        and
 3             (5)  take  whatever   actions   are   necessary   or
 4        appropriate  to protect the State's interest in the event
 5        of bankruptcy,  default,  foreclosure,  or  noncompliance
 6        with  the  terms  and conditions of any agreement entered
 7        into pursuant to this Act, including the power  to  sell,
 8        dispose,  lease,  or  rent,  upon  terms  and  conditions
 9        determined  by  the  Director  to be appropriate, real or
10        personal property that the Department may  receive  as  a
11        result of these actions.

12        Section 20.  Reimbursement for relocation costs.
13        (a)  The  initial  application  of  an  eligible business
14    proposing  a  qualifying  project  must  be  filed  with  the
15    Department no later than July 1, 2004.
16        (b)  Upon receipt and approval of an application from  an
17    eligible   business   proposing  a  qualifying  project,  the
18    Department may enter into  an  agreement  with  the  eligible
19    business  wherein  the  Department  agrees  to  reimburse the
20    eligible business for its relocation  costs  subject  to  the
21    following terms, conditions, and limitations:
22             (1)  The   eligible   business  must  apply  to  the
23        Department for reimbursement of its relocation costs.
24             (2)  The  application  submitted  by  the   eligible
25        business  must  identify  with specificity the relocation
26        costs for which reimbursement is sought, and the eligible
27        business must provide the Department with all  supporting
28        documentation   as  requested  by  the  Department.   The
29        eligible  business  may   amend   its   application   for
30        reimbursement  from  time  to  time  in  order  to  cover
31        additional relocation costs incurred after the submission
32        of an initial application.
33             (3)  The Department reserves the right to approve or
 
                            -6-              LRB9207332REpcam
 1        disapprove  specific  items  and categories of relocation
 2        costs.
 3             (4)  The eligible business must in fact relocate its
 4        corporate headquarters to the State of Illinois within  a
 5        time frame specified by the Department.
 6             (5)  The eligible business may receive reimbursement
 7        for  not  greater  than  50% of its documented relocation
 8        costs.
 9             (6)  The agreement between the  Department  and  the
10        eligible business must provide that reimbursement will be
11        provided  by  means  of  one or more grants that shall be
12        issued annually by the Department for  a  period  not  to
13        exceed  10  years  or until 50% of the eligible business'
14        relocation costs are reimbursed, whichever occurs first.
15             (7)  The amount of the  annual  grant  that  may  be
16        issued to the eligible business by the Department may not
17        exceed 50% of the total amount withheld from employees of
18        the   eligible   business   employed   at  the  corporate
19        headquarters during the  preceding  calendar  year  under
20        Article 7 of the Illinois Income Tax Act.
21             (8)  In    applying    to    the    Department   for
22        reimbursement, the eligible  business  must  certify  the
23        total amount withheld during the preceding calendar year
24        under  Article  7 of the Illinois Income Tax Act from its
25        employees employed at the corporate headquarters.
26             (9)  The  Department  may  issue  grants  from   the
27        Corporate  Headquarters  Relocation  Assistance  Fund  to
28        eligible businesses for reimbursement of relocation costs
29        as provided by this Act.

30        Section  25. Review of application for reimbursement.  No
31    eligible business is eligible for reimbursement of relocation
32    costs under this Act unless the Department determines at  the
33    time  of  the eligible business' initial application that, if
 
                            -7-              LRB9207332REpcam
 1    not for that reimbursement, the eligible business  would  not
 2    have  determined  to  relocate  its corporate headquarters to
 3    Illinois.  The eligible business may satisfy this requirement
 4    by, among other means, presenting evidence to the  Department
 5    that  the  eligible  business has or had multi-state location
 6    options and could reasonably and efficiently have located its
 7    corporate headquarters to a state other than Illinois;  by  a
 8    demonstration  that  at least one other state is or was being
 9    considered for the location of its corporate headquarters; or
10    through evidence that receipt of the benefits  authorized  by
11    this  Act  is  an  important factor in the eligible business'
12    decision to locate its corporate  headquarters  to  Illinois,
13    and  that  without  that  assistance,  the  eligible business
14    likely would not  establish  its  corporate  headquarters  in
15    Illinois.

16        Section   30.    Transfers   to   Corporate  Headquarters
17    Relocation Assistance Fund. Upon receipt of  a  certification
18    by  the  eligible  business  of the aggregate amount withheld
19    from its employees employed  at  the  corporate  headquarters
20    during  the  preceding  calendar  year under Article 7 of the
21    Illinois Income Tax Act, the Department shall then certify to
22    the State Treasurer that 50% of that amount is eligible to be
23    transferred from the General Revenue Fund  to  the  Corporate
24    Headquarters  Relocation  Assistance Fund.  This amount shall
25    be referred to as  the  "certified  transfer  amount".   Upon
26    receipt   of  the  certification  from  the  Department,  the
27    Treasurer shall transfer the certified transfer amount within
28    30 days from  the  General  Revenue  Fund  to  the  Corporate
29    Headquarters Relocation Assistance Fund.

30        Section  35. Corporate Headquarters Relocation Assistance
31    Fund;  creation.  The   Corporate   Headquarters   Relocation
32    Assistance  Fund  is  created  as  a separate fund within the
 
                            -8-              LRB9207332REpcam
 1    State treasury.  From the Fund and pursuant to the provisions
 2    of this Act, the Department may  issue  grants  to  reimburse
 3    eligible   businesses   for   relocation  costs  incurred  in
 4    connection with the relocation of a corporate headquarters to
 5    the State of Illinois.

 6        Section  40.  Other  incentives.  Nothing  in  this   Act
 7    precludes  an  eligible business with respect to a qualifying
 8    project from applying for or  receiving  any  other  federal,
 9    State,  or  local assistance or incentives in connection with
10    the relocation of its corporate headquarters to the State  of
11    Illinois.

12        Section  905.  The State Finance Act is amended by adding
13    Section 5.545 as follows:

14        (30 ILCS 105/5.545 new)
15        Sec.  5.545.   The  Corporate   Headquarters   Relocation
16    Assistance Fund.

17        Section  910.   The Illinois Income Tax Act is amended by
18    changing Section 211 as follows:

19        (35 ILCS 5/211)
20        Sec. 211.  Economic Development for a Growing Economy Tax
21    Credit.  For tax years beginning on or after January 1, 1999,
22    a Taxpayer who  has  entered  into  an  Agreement  under  the
23    Economic  Development for a Growing Economy Tax Credit Act is
24    entitled  to  a  credit  against  the  taxes  imposed   under
25    subsections  (a)  and  (b)  of  Section 201 of this Act in an
26    amount to be determined in the Agreement.  If the Taxpayer is
27    a partnership or Subchapter S corporation, the  credit  shall
28    be allowed to the partners or shareholders in accordance with
29    the  determination of income and distributive share of income
 
                            -9-              LRB9207332REpcam
 1    under Sections 702 and 704 and subchapter S of  the  Internal
 2    Revenue  Code.    The  Department,  in  cooperation  with the
 3    Department of Commerce and Community Affairs, shall prescribe
 4    rules to  enforce  and  administer  the  provisions  of  this
 5    Section.   This  Section  is  exempt  from  the provisions of
 6    Section 250 of this Act.
 7        The credit shall be  subject to the conditions set  forth
 8    in the Agreement and the following limitations:
 9             (1)  The tax credit shall not exceed the Incremental
10        Income  Tax  (as  defined  in Section 5-5 of the Economic
11        Development for a Growing Economy Tax  Credit  Act)  with
12        respect to the project.
13             (2)  The amount of the credit allowed during the tax
14        year  plus  the sum of all amounts allowed in prior years
15        shall not exceed 100% of the aggregate amount expended by
16        the Taxpayer during all prior tax years on approved costs
17        defined by Agreement.
18             (3)  The amount of the credit shall be determined on
19        an annual basis.  Except as applied in a  carryover  year
20        pursuant  to  Section  211(4)  of  this Act; however, the
21        credit may not be applied against any  State  income  tax
22        liability  in  more than may not extend beyond 10 taxable
23        years; provided, however, that (i) an  eligible  business
24        certified  by  the  Department  of Commerce and Community
25        Affairs under the Corporate Headquarters  Relocation  Act
26        may  not apply the credit against any of its State income
27        tax liability in more than  15  taxable  years  and  (ii)
28        credits  allowed to that eligible business are subject to
29        the conditions and requirements  set  forth  in  Sections
30        5-35  and  5-45 of the Economic Development for a Growing
31        Economy  Tax  Credit  Act  after  the  project  is  first
32        approved and may not extend beyond the expiration of  the
33        Agreement.
34             (4)  The  credit  may not exceed the amount of taxes
 
                            -10-             LRB9207332REpcam
 1        imposed pursuant to subsections (a) and  (b)  of  Section
 2        201  of  this Act.  Any credit that is unused in the year
 3        the credit is computed may be carried forward and applied
 4        to the tax liability of the 5 taxable years following the
 5        excess credit year.  The credit shall be applied  to  the
 6        earliest  year  for  which  there is a tax liability.  If
 7        there are credits from more than one tax  year  that  are
 8        available to offset a liability, the earlier credit shall
 9        be applied first.
10             (5)  No  credit shall be allowed with respect to any
11        Agreement  for  any  taxable  year   ending   after   the
12        Noncompliance  Date.   Upon receiving notification by the
13        Department of  Commerce  and  Community  Affairs  of  the
14        noncompliance  of  a  Taxpayer  with  an  Agreement,  the
15        Department  shall  notify  the Taxpayer that no credit is
16        allowed with respect to that Agreement  for  any  taxable
17        year  ending  after  the Noncompliance Date, as stated in
18        such notification.  If any credit has been  allowed  with
19        respect  to  an Agreement for a taxable year ending after
20        the Noncompliance Date for  that  Agreement,  any  refund
21        paid  to the Taxpayer for that taxable year shall, to the
22        extent of that credit allowed,  be  an  erroneous  refund
23        within the meaning of Section 912 of this Act.
24             (6)  For   purposes   of  this  Section,  the  terms
25        "Agreement",     "Incremental    Income     Tax",     and
26        "Noncompliance  Date"  have the same meaning as when used
27        in the Economic Development for  a  Growing  Economy  Tax
28        Credit Act.
29    (Source: P.A. 91-476, eff. 8-11-99.)

30        Section  915.   The  Economic  Development  for a Growing
31    Economy Tax Credit Act is amended by changing  Sections  5-35
32    and 5-45 as follows:
 
                            -11-             LRB9207332REpcam
 1        (35 ILCS 10/5-35)
 2        Sec.  5-35.   Relocation of jobs in Illinois.  A taxpayer
 3    is not entitled to claim the credit provided by this Act with
 4    respect to any jobs that  the  taxpayer  relocates  from  one
 5    site in Illinois to another site in Illinois. A taxpayer with
 6    respect to a qualifying project certified under the Corporate
 7    Headquarters  Relocation  Act, however, is not subject to the
 8    requirements of this Section but is  nevertheless  considered
 9    an  applicant  for  purposes  of  this  Act.    Moreover, any
10    full-time employee  of  an  eligible  business  relocated  to
11    Illinois in connection with that qualifying project is deemed
12    to be a new employee for purposes of this Act. Determinations
13    under this Section shall be made by the Department.
14    (Source: P.A. 91-476, eff. 8-11-99.)

15        (35 ILCS 10/5-45)
16        Sec. 5-45.  Amount and duration of the credit.
17        (a)  The   Department  shall  determine  the  amount  and
18    duration of the credit awarded under this Act.  The  duration
19    of the credit may not exceed 10 taxable years. The credit may
20    be  stated  as  a  percentage  of  the Incremental Income Tax
21    attributable to the applicant's project  and  may  include  a
22    fixed dollar limitation.
23        (b)  Notwithstanding  subsection  (a),  and except as the
24    credit may be applied in a carryover year pursuant to Section
25    211(4) of the Illinois Income Tax  Act,  the  credit  may  be
26    applied  against  the State income tax liability in more than
27    10 taxable years but not in more than 15 taxable years for an
28    eligible business that (i) qualifies under this Act  and  the
29    Corporate   Headquarters  Relocation  Act  and  has  in  fact
30    undertaken  a  qualifying  project  within  the  time   frame
31    specified by the Department of Commerce and Community Affairs
32    under that Act, and (ii) applies against its State income tax
33    liability, during the entire 15-year period, no more than 60%
 
                            -12-             LRB9207332REpcam
 1    of  the  maximum  credit  per  year  that  would otherwise be
 2    available under this Act.
 3    (Source: P.A. 91-476, eff. 8-11-99.)

 4        Section  920.   The  Property  Tax  Code  is  amended  by
 5    changing 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   recycable
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
32             districts combined shall not exceed $12,000,000.
 
                            -13-             LRB9207332REpcam
 1                  (C)  The   property   of   any   commercial  or
 2             industrial firm  currently  located  in  the  taxing
 3             district  that  expands  a facility or its number of
 4             employees. The abatement shall not exceed  a  period
 5             of 10 years and the aggregate amount of abated taxes
 6             for  all  taxing districts combined shall not exceed
 7             $4,000,000. The abatement period may be  renewed  at
 8             the option of the taxing districts.
 9             (2)  Horse  racing.   Any  property  in  the  taxing
10        district  which is used for the racing of horses and upon
11        which  capital  improvements  consisting  of   expansion,
12        improvement  or  replacement  of existing facilities have
13        been made since July 1, 1987.   The  combined  abatements
14        for such property from all taxing districts in any county
15        shall not exceed $5,000,000 annually and shall not exceed
16        a period of 10 years.
17             (3)  Auto racing.  Any property designed exclusively
18        for  the  racing  of motor vehicles. Such abatement shall
19        not exceed a period of 10 years.
20             (4)  Academic or research institute.   The  property
21        of  any  academic  or  research  institute  in the taxing
22        district  that  (i)  is  an  exempt  organization   under
23        paragraph  (3)  of Section 501(c) of the Internal Revenue
24        Code, (ii) operates for the  benefit  of  the  public  by
25        actually  and  exclusively performing scientific research
26        and making the results of the research available  to  the
27        interested  public  on  a  non-discriminatory  basis, and
28        (iii) employs more  than  100  employees.   An  abatement
29        granted  under  this  paragraph  shall be for at least 15
30        years and the aggregate amount of abated  taxes  for  all
31        taxing districts combined shall not exceed $5,000,000.
32             (5)  Housing for older persons.  Any property in the
33        taxing district that is devoted exclusively to affordable
34        housing  for  older  households.   For  purposes  of this
 
                            -14-             LRB9207332REpcam
 1        paragraph, "older households" means those households  (i)
 2        living  in  housing  provided  under any State or federal
 3        program that the Department of Human Rights determines is
 4        specifically designed  and  operated  to  assist  elderly
 5        persons and is solely occupied by persons 55 years of age
 6        or older and (ii) whose annual income does not exceed 80%
 7        of  the  area  gross  median  income, adjusted for family
 8        size,  as  such  gross  income  and  median  income   are
 9        determined  from  time  to  time  by  the  United  States
10        Department   of   Housing  and  Urban  Development.   The
11        abatement shall not exceed a period of 15 years, and  the
12        aggregate amount of abated taxes for all taxing districts
13        shall not exceed $3,000,000.
14             (6)  Historical  society.  For assessment years 1998
15        through 2000,  the  property  of  an  historical  society
16        qualifying   as  an  exempt  organization  under  Section
17        501(c)(3) of the federal Internal Revenue Code.
18             (7)  Recreational facilities.  Any property  in  the
19        taxing district (i) that is used for a municipal airport,
20        (ii)  that  is  subject  to  a leasehold assessment under
21        Section 9-195 of this Code and (iii) which is sublet from
22        a park district that  is  leasing  the  property  from  a
23        municipality,   but   only   if   the  property  is  used
24        exclusively for recreational facilities  or  for  parking
25        lots   used   exclusively   for  those  facilities.   The
26        abatement shall not exceed a period of 10 years.
27             (8)  Relocated corporate headquarters.  If  approval
28        occurs  within  5  years after the effective date of this
29        amendatory Act of the 92nd General Assembly, any property
30        or a portion of any property in a taxing district that is
31        used by an eligible business for a corporate headquarters
32        as defined in the Corporate Headquarters Relocation  Act.
33        Instead  of  an  abatement  under  this  paragraph (8), a
34        taxing district may  enter  into  an  agreement  with  an
 
                            -15-             LRB9207332REpcam
 1        eligible   business  to  make  annual  payments  to  that
 2        eligible business in an amount not to exceed the property
 3        taxes  paid  directly  or  indirectly  by  that  eligible
 4        business to the taxing  district  and  any  other  taxing
 5        districts  for  premises  occupied  pursuant to a written
 6        lease and may make those payments without the need for an
 7        annual appropriation. No school  district,  however,  may
 8        enter  into  an  agreement  with,  or abate taxes for, an
 9        eligible business unless the municipality  in  which  the
10        corporate  headquarters  is  located  agrees  to  provide
11        funding  to the school district in an amount equal to the
12        amount abated or paid by the school district as  provided
13        in   this  paragraph  (8).    Any  abatement  ordered  or
14        agreement entered into under this paragraph  (8)  may  be
15        effective  for  the  entire  term specified by the taxing
16        district, except the term  of  the  abatement  or  annual
17        payments may not exceed 20 years.
18        (b)  Upon a majority vote of its governing authority, any
19    municipality  may,  after  the  determination of the assessed
20    valuation of its property, order the county  clerk  to  abate
21    any  portion  of  its  taxes  on any property that is located
22    within the corporate limits of the municipality in accordance
23    with Section 8-3-18 of the Illinois Municipal Code.
24    (Source: P.A.  90-46,  eff.  7-3-97;  90-415,  eff.  8-15-97;
25    90-568,  eff.  1-1-99;  90-655,  eff.  7-30-98;  91-644, eff.
26    8-20-99; 91-885, eff. 7-6-00.)

27        Section 999.  Effective date.  This Act takes effect upon
28    becoming law.".

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