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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB5729 Introduced , by Rep. Michael Halpin SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Provides that taxpayers that receive a deduction or a credit related to the construction or modification of commercial property located in a municipality of the State shall enter into a community benefits agreement with the municipality in which the property is located. Provides that the taxpayer shall host a public forum prior to entering into the agreement. Provides that the provisions apply to the construction or modification of property commencing on or after January 1, 2019. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB5729 | | LRB100 17533 HLH 32703 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Income Tax Act is amended by adding |
| 5 | | Section 251 as follows:
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| 6 | | (35 ILCS 5/251 new) |
| 7 | | Sec. 251. Community benefits agreements. Notwithstanding |
| 8 | | any other provision of law, if a taxpayer receives a deduction |
| 9 | | or a credit against the taxes imposed under subsections (a) and |
| 10 | | (b) of Section 201 of this Act or Article 7 of this Act, and |
| 11 | | that deduction or credit is related to the construction or |
| 12 | | modification by the taxpayer of commercial property located in |
| 13 | | a municipality of the State, then, prior to the start of the |
| 14 | | construction or modification, the taxpayer shall enter into a |
| 15 | | community benefits agreement with the municipality in which the |
| 16 | | property is located. At least 30 days but not more than 60 days |
| 17 | | before the agreement is entered into, the taxpayer shall host a |
| 18 | | public forum at which local residents and community groups may |
| 19 | | offer their input on the proposed agreement. Notice of such a |
| 20 | | forum shall be published by the taxpayer in a newspaper of |
| 21 | | general circulation in the municipality not fewer than 15 days |
| 22 | | prior to the forum. This Section applies to the construction or |
| 23 | | modification of property commencing on or after January 1, |