Illinois General Assembly - Full Text of Public Act 098-0702
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Public Act 098-0702





Public Act 098-0702
SB3259 EnrolledLRB098 19492 HLH 54667 b

    AN ACT concerning revenue.
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
    Section 5. The Property Tax Code is amended by adding
Division 19 to Article 10 as follows:
    (35 ILCS 200/Art. 10 Div. 19 heading new)

    (35 ILCS 200/10-700 new)
    Sec. 10-700. Qualified commercial and industrial property;
tornado disaster. Notwithstanding any other provision of law,
each qualified parcel of commercial or industrial property
owned and used by a small business shall be valued at the
lesser of (i) its modified equalized assessed value or (ii) 33
1/3% of its fair cash value or, in the case of property located
in a county that classifies property for purposes of taxation
in accordance with Section 4 of Article IX of the Constitution,
the percentage of fair cash value as required by county
ordinance. The method of valuation under this Section shall
continue until there is a change in use or ownership of the
property or until the fifteenth taxable year after the tornado
disaster occurs, whichever occurs first. In order to qualify
for valuation under this Section, the structure must be rebuilt
within 2 years after the date of the tornado disaster, and the
square footage of the rebuilt structure may not be more than
110% of the square footage of the original structure as it
existed immediately prior to the tornado disaster.
    "Base year" means the taxable year prior to the taxable
year in which the tornado disaster occurred.
    "Modified equalized assessed value" means:
        (1) in the first taxable year after the tornado
    disaster occurs, the equalized assessed value of the
    property for the base year; and
        (2) in the second taxable year after the tornado
    disaster occurs and thereafter, the modified equalized
    assessed value of the property for the previous taxable
    year, increased by 4%.
    "Tornado disaster" means an occurrence of widespread or
severe damage or loss of property resulting from a tornado or
combination of tornadoes that has been proclaimed as a natural
disaster by the Governor or the President of the United States.
    "Qualified parcel of property" means property that (i) is
owned and used exclusively for commercial or industrial
purposes by a small business and (ii) has been rebuilt
following a tornado disaster occurring in taxable year 2013 or
any taxable year thereafter.
    "Small business" means a business that employs fewer than
50 full-time employees.
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 07/07/2014