|Public Act 096-0755
||LRB096 11805 HLH 22641 b
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Property Tax Code is amended by adding
Section 18-184.5 as follows:
(35 ILCS 200/18-184.5 new)
Abatement for vacant facilities.
majority vote of its governing body, any taxing district may,
after the determination of the assessed valuation of its
property, order the county clerk
to abate any portion of its
taxes on any property if (i) a new business first occupies a
facility located on the property during the taxable year, and
(ii) the facility was vacant for a period of at least 24
continuous months prior to being occupied by the business. The
abatement shall not exceed a period of 2 years and the
aggregate amount of abated taxes for all taxing districts
combined shall not exceed $4,000,000.