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 Full Text Bill Status