Public Act 096-0324
 		





HB4326 Enrolled
LRB096 07650 RLJ 17749 b






    AN ACT concerning local government.

 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:


 
    Section 5. The Illinois Municipal Code is amended  by 
changing Section 11-74.4-8b as follows:
 



    (65 ILCS 5/11-74.4-8b)



    Sec. 11-74.4-8b. Cancellation and repayment of tax and 
other benefits. Any tax abatement or benefit granted by a 
taxing district under an agreement
entered into under this
Act 
to a private individual or entity for the purpose of 
originating, locating,
maintaining, rehabilitating, or 
expanding a business facility shall be
cancelled if the 
individual or entity relocated its entire facility in
violation 
of the agreement, and the amount of the abatements or tax 
benefits
granted before the cancellation shall be repaid to the 
taxing district within
30 days, as provided in Section 18-183 
of the Property Tax Code.

    In addition, any private individual or entity that receives 
other benefits under this Act for the purpose of originating, 
locating,
maintaining, rehabilitating, or expanding a business 
facility and that abandons or relocates its facility in 
violation of the agreement shall pay to the municipality an 
amount equal to the value of the benefit prorated based on (i) 
the time from the date of the agreement to the date of 
abandonment or relocation; compared to (ii) the time from the 
date of the agreement to the date upon which the redevelopment 
plan must be completed, determined at the time of the 
agreement. 
(Source: P.A. 89-591, eff. 8-1-96.)






Effective Date:  1/1/2010