Public Act 90-0046 of the 90th General Assembly

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Public Act 90-0046

HB0275 Enrolled                                LRB9000458KRkb

    AN ACT to amend the Property Tax Code by changing Section
18-165.

    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 changing
Section 18-165 as follows:

    (35 ILCS 200/18-165)
    Sec. 18-165. Abatement of taxes.
    (a)  Any taxing district, upon a  majority  vote  of  its
governing  authority,  may,  after  the  determination of the
assessed valuation of its property, order the clerk  of  that
county  to  abate  any  portion of its taxes on the following
types of property:
         (1)  Commercial and industrial.
              (A)  The  property   of   any   commercial   or
         industrial  firm,  including  but not limited to the
         property of any firm that is  used  for  collecting,
         separating,   storing,   or   processing  recyclable
         materials,  locating  within  the  taxing   district
         during  the  immediately preceding year from another
         state, territory, or country, or having  been  newly
         created  within  this  State  during the immediately
         preceding year, or expanding an  existing  facility.
         The  abatement shall not exceed a period of 10 years
         and the aggregate amount of  abated  taxes  for  all
         taxing   districts   combined   shall   not   exceed
         $3,000,000; or
              (B)  The   property   of   any   commercial  or
         industrial development of at least 500 acres  having
         been   created  within  the  taxing  district.   The
         abatement shall not exceed a period of 20 years  and
         the  aggregate amount of abated taxes for all taxing
         districts combined shall not exceed $12,000,000.
         (2)  Horse  racing.   Any  property  in  the  taxing
    district which is used for the racing of horses and  upon
    which   capital  improvements  consisting  of  expansion,
    improvement or replacement of  existing  facilities  have
    been  made  since  July 1, 1987.  The combined abatements
    for such property from all taxing districts in any county
    shall not exceed $5,000,000 annually and shall not exceed
    a period of 10 years.
         (3)  Auto racing.  Any property designed exclusively
    for the racing of motor vehicles which became subject  to
    property taxation after September 24, 1984 and is located
    within  a  county  with  225,000  or  more  but less than
    300,000 inhabitants. Such abatement shall  not  exceed  a
    period of 10 years.
         (4)  Academic  or  research institute.  The property
    of any academic  or  research  institute  in  the  taxing
    district   that  (i)  is  an  exempt  organization  under
    paragraph (3) of Section 501(c) of the  Internal  Revenue
    Code,  (ii)  operates  for  the  benefit of the public by
    actually and exclusively performing  scientific  research
    and  making  the results of the research available to the
    interested public  on  a  non-discriminatory  basis,  and
    (iii)  employs  more  than  100  employees.  An abatement
    granted under this paragraph shall be  for  at  least  15
    years  and  the  aggregate amount of abated taxes for all
    taxing districts combined shall not exceed $5,000,000.
    (b)  Upon a majority vote of its governing authority, any
municipality 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  that  is  located
within the corporate limits of the municipality in accordance
with Section 8-3-18 of the Illinois Municipal Code.
(Source:  P.A. 87-17; 87-477; 87-895; 88-389; 88-455; 88-657,
eff. 1-1-95; 88-670, eff. 12-2-94; 89-561, eff. 1-1-97.)

    Section 99.  Effective date.  This Act takes effect  upon
becoming law.

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