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| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB4383 Introduced 1/29/2020, by Rep. Lindsey LaPointe SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Code. Creates a homestead exemption of $1,000 for homestead property on which a stormwater retention basin has been constructed during the taxable year. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | HB4383 | | LRB101 18830 HLH 68287 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 Property Tax Code is amended by adding |
| 5 | | Section 15-190 as follows:
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| 6 | | (35 ILCS 200/15-190 new) |
| 7 | | Sec. 15-190. Homestead exemption for stormwater retention. |
| 8 | | Beginning with the 2021 taxable year, an annual homestead |
| 9 | | exemption equal to a reduction of $1,000 from the equalized |
| 10 | | assessed value of the property is granted for homestead |
| 11 | | property, as defined in Section 15-175, on which a stormwater |
| 12 | | retention basin has been constructed during the taxable year. |
| 13 | | For the purposes of this Section, "stormwater retention basin" |
| 14 | | means an impoundment created by a dam or an excavation for the |
| 15 | | purpose of storing water and settling sediment and other |
| 16 | | pollutants from surface runoff, which is designed to hold a |
| 17 | | specific amount of water until the water can evaporate or |
| 18 | | infiltrate.
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| 19 | | Section 99. Effective date. This Act takes effect upon |
| 20 | | becoming law.
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