92nd General Assembly
Summary of SB2301
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Senate Sponsors:
PHILIP.

Short description: 
STATE TREASURER-TECH                                                       

Synopsis of Bill as introduced:
        Amends the State Treasurer Act.  Makes a  grammatical  change  in      
   the Section regarding bond.                                                 
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          15 ILCS 505/1                                                        
          Adds reference to:                                                   
          New Act                                                              
        Deletes everything. Creates the Banking Development District Act.      
   Provides for a system of tax abatements for  real  property  used  for      
   banks  located  within  banking  development  zones. Provides that the      
   Treasurer, in consultation with the Office of Banks and  Real  Estate,      
   must promulgate rules setting forth the criteria for the establishment      
   of  banking  development districts. Provides procedures by which local      
   governments,  in  conjunction  with  banks,  can   establish   banking      
   development  zones.  Provides  procedures for calculating and applying      
   for tax abatements. Effective immediately.                                  
        SENATE AMENDMENT NO. 2.                                                
          Adds reference to:                                                   
          35 ILCS 200/18-167 new                                               
        Deletes everything. Reinserts the provisions of Senate  Amendment      
   No.  1  but  makes  numerous  changes. Creates the banking development      
   district program to encourage the establishment of banking branches in      
   locations where there is a demonstrated  need  for  banking  services.      
   Requires the State Treasurer, in consultation with the Office of Banks      
   and  Real  Estate,  to  adopt  rules  that  set forth criteria for the      
   establishment  of  banking  development  districts.  Provides  that  a      
   municipality or a county, in conjunction with a bank, may apply to the      
   State Treasurer to have property designated as a  banking  development      
   district.  Amends  the  Property  Tax  Code.  Provides  that  a taxing      
   district may order the county clerk to abate a portion of the increase      
   in property taxes imposed by the taxing district on property  that  is      
   improved  for  use  as  a  banking  branch  in an area designated as a      
   banking development district. Provides that the abatement  shall  last      
   for  10  years  and  that  the  county  clerk  shall  abate 50% of the      
   increased taxes as a result of the improvement in the  first  year  of      
   the  abatement  and  that  the  abatement  amount shall decrease in 5%      
   intervals for each of the succeeding 9 years of the abatement  period.      
   Authorizes  a  taxing  district  to  abate taxes imposed by the taxing      
   district on property used as a  banking  branch  that  is  already  in      
   existence  at the time the banking development district is established      
   in  the  amount  determined  by   the   taxing   district.   Effective      
   immediately.                                                                
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   2


   END OF INQUIRY 



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