[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
| [ Introduced ] | [ Engrossed ] | [ House Amendment 001 ] |
91_HB4370ham002
LRB9111393SMdvam02
1 AMENDMENT TO HOUSE BILL 4370
2 AMENDMENT NO. . Amend House Bill 4370, AS AMENDED,
3 by replacing the title with the following:
4 "AN ACT concerning property taxes."; and
5 by replacing everything after the enacting clause with the
6 following:
7 "Section 5. The Property Tax Code is amended by changing
8 Section 18-165 as follows:
9 (35 ILCS 200/18-165)
10 Sec. 18-165. Abatement of taxes.
11 (a) Any taxing district, upon a majority vote of its
12 governing authority, may, after the determination of the
13 assessed valuation of its property, order the clerk of that
14 county to abate any portion of its taxes on the following
15 types of property:
16 (1) Commercial and industrial.
17 (A) The property of any commercial or
18 industrial firm, including but not limited to the
19 property of any firm that is used for collecting,
20 separating, storing, or processing recyclable
21 materials, locating within the taxing district
-2- LRB9111393SMdvam02
1 during the immediately preceding year from another
2 state, territory, or country, or having been newly
3 created within this State during the immediately
4 preceding year, or expanding an existing facility.
5 The abatement shall not exceed a period of 10 years
6 and the aggregate amount of abated taxes for all
7 taxing districts combined shall not exceed
8 $4,000,000; or
9 (B) The property of any commercial or
10 industrial development of at least 500 acres having
11 been created within the taxing district. The
12 abatement shall not exceed a period of 20 years and
13 the aggregate amount of abated taxes for all taxing
14 districts combined shall not exceed $12,000,000.
15 (C) The property of any commercial or
16 industrial firm currently located in the taxing
17 district that expands a facility or its number of
18 employees. The abatement shall not exceed a period
19 of 10 years and the aggregate amount of abated taxes
20 for all taxing districts combined shall not exceed
21 $4,000,000. The abatement period may be renewed at
22 the option of the taxing districts.
23 (2) Horse racing. Any property in the taxing
24 district which is used for the racing of horses and upon
25 which capital improvements consisting of expansion,
26 improvement or replacement of existing facilities have
27 been made since July 1, 1987. The combined abatements
28 for such property from all taxing districts in any county
29 shall not exceed $5,000,000 annually and shall not exceed
30 a period of 10 years.
31 (3) Auto racing. Any property designed exclusively
32 for the racing of motor vehicles. Such abatement shall
33 not exceed a period of 10 years.
34 (4) Academic or research institute. The property
-3- LRB9111393SMdvam02
1 of any academic or research institute in the taxing
2 district that (i) is an exempt organization under
3 paragraph (3) of Section 501(c) of the Internal Revenue
4 Code, (ii) operates for the benefit of the public by
5 actually and exclusively performing scientific research
6 and making the results of the research available to the
7 interested public on a non-discriminatory basis, and
8 (iii) employs more than 100 employees. An abatement
9 granted under this paragraph shall be for at least 15
10 years and the aggregate amount of abated taxes for all
11 taxing districts combined shall not exceed $5,000,000.
12 (5) Housing for older persons. Any property in the
13 taxing district that is devoted exclusively to affordable
14 housing for older households. For purposes of this
15 paragraph, "older households" means those households (i)
16 living in housing provided under any State or federal
17 program that the Department of Human Rights determines is
18 specifically designed and operated to assist elderly
19 persons and is solely occupied by persons 55 years of age
20 or older and (ii) whose annual income does not exceed 80%
21 of the area gross median income, adjusted for family
22 size, as such gross income and median income are
23 determined from time to time by the United States
24 Department of Housing and Urban Development. The
25 abatement shall not exceed a period of 15 years, and the
26 aggregate amount of abated taxes for all taxing districts
27 shall not exceed $3,000,000.
28 (6) Historical society. For assessment years 1998
29 through 2000, the property of an historical society
30 qualifying as an exempt organization under Section
31 501(c)(3) of the federal Internal Revenue Code.
32 (7) Recreational facilities. Any property in the
33 taxing district that is subject to a leasehold assessment
34 under Section 9-195 of this Code and which is sublet from
-4- LRB9111393SMdvam02
1 a park district that is leasing the property from a
2 municipality, but only if the property is used
3 exclusively for recreational facilities or for parking
4 lots used exclusively for those facilities. The
5 abatement shall not exceed a period of 20 years.
6 (b) Upon a majority vote of its governing authority, any
7 municipality may, after the determination of the assessed
8 valuation of its property, order the county clerk to abate
9 any portion of its taxes on any property that is located
10 within the corporate limits of the municipality in accordance
11 with Section 8-3-18 of the Illinois Municipal Code.
12 (Source: P.A. 90-46, eff. 7-3-97; 90-415, eff. 8-15-97;
13 90-568, eff. 1-1-99; 90-655, eff. 7-30-98; 91-644, eff.
14 8-20-99.)
15 Section 90. The State Mandates Act is amended by adding
16 Section 8.24 as follows:
17 (30 ILCS 805/8.24 new)
18 Sec. 8.24. Exempt mandate. Notwithstanding Sections 6
19 and 8 of this Act, no reimbursement by the State is required
20 for the implementation of any mandate created by this
21 amendatory Act of the 91st General Assembly.
22 Section 99. Effective date. This Act takes effect upon
23 becoming law.".