92nd General Assembly
Summary of SB0713
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Senate Sponsors:
WALSH,T.

House Sponsors:
O'BRIEN-FRANKS-NOVAK

Short description: 
PROP TAX-HOMESTEAD EXEMPT-TECH                                             

Synopsis of Bill as introduced:
        Amends the Property Tax Code.  Makes a technical  change  in  the      
   general homestead exemption provisions.                                     
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          35 ILCS 200/15-175                                                   
          Adds reference to:                                                   
          35 ILCS 200/18-181 new                                               
        Deletes everything after the enacting clause. Amends the Property      
   Tax Code.  Provides that  any taxing district  that  has,  during  the      
   immediately  preceding year, an assessed valuation that is equal to or      
   less than its highest assessed valuation during any one of the 5 years      
   preceding the immediately preceding year, as adjusted by the change in      
   the Consumer Price Index between the highest year and the  immediately      
   preceding  year, may, upon a majority vote of its governing authority,      
   contract with a commercial or industrial firm for the abatement of the      
   firm's taxes for a period not to exceed 20  years  if  that  firm  (i)      
   locates  within  the taxing district from another state, territory, or      
   country, (ii) is newly created within this State, or (iii) expands  an      
   existing  facility;  provided  that  the  assessed  valuation  of  the      
   newly-created  commercial  or  industrial  facility or expansion of an      
   existing facility is $100,000,000 or  more.   The  abatement  may  not      
   exceed  15%  during  years 1 through 10 of the contract and 10% during      
   years 11 through 20 of the contract.  Requires repayment with interest      
   in case the commercial or industrial firm closes the facility or moves      
   its operation from the taxing district prior to the expiration of  the      
   contract period.  Effective immediately.                                    
        HOUSE AMENDMENT NO. 1.                                                 
        Deletes  everything  after  the  enacting  clause.   Amends   the      
   Property  Tax  Code.  Provides  that  any  taxing district that has an      
   equalized assessed valuation for the year 2000 that is  at  least  15%      
   less  than  its  assessed  valuation  for  the  year  1999 may, upon a      
   majority vote of its governing authority, contract with the owner of a      
   base load electric generating station with a generating capacity of at      
   least 500 megawatts newly-constructed within the taxing  district  for      
   the  abatement  of  the  station's taxes for a period not to exceed 10      
   years. Sets limits on the amount of the  abatement  depending  on  the      
   equalized  assessed  valuation  of  the  newly-constructed  base  load      
   electric  generating  station.   Provides  that  the  contract  is not      
   effective unless it contains provisions requiring  the  owner  of  the      
   generating  station  to  repay  to  the  taxing  district  all amounts      
   previously abated, with interest, in the event that the owner   closes      
   the  station  before  the  expiration of the contract period. Provides      
   that the  authorization  of  taxing  districts  to  enter  into  these      
   contracts expires on January 1, 2002.  Effective immediately.               
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   1


   END OF INQUIRY 



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