Bill Status of HB 4248   103rd General Assembly


Short Description:  EMINENT DOMAIN-VALUE-BUSINESS

House Sponsors
Rep. Jed Davis

Last Action  View All Actions

DateChamber Action
  1/16/2024HouseReferred to Rules Committee

Statutes Amended In Order of Appearance
735 ILCS 30/10-5-60was 735 ILCS 5/7-121

Synopsis As Introduced
Amends the Eminent Domain Act. Provides that when calculating the fair cash market value of a business property, the value shall include any positive revenue the property would generate for the business during a 10-year period, as evidenced by the business's tax returns. Requires the prospective beneficiary to submit an affidavit describing (i) the current cash value of the property, (ii) the current cash flow generated by the property, if any, and (iii) the expected cash flow to be generated by the property at a point 5 years forward. Provides that if a prospective beneficiary is admitted to the program, the beneficiary or the beneficiary's sucessor-in-interest shall refile an affidavit describing the current cash value and cash flow of the property. Provides that if an affidavit is filed in bad faith, the filer is subject to penalties and interest equivalent to what the filer would have owed in the case of underpayment of income taxes in the same amount at the same point in time.

Actions 
DateChamber Action
  11/29/2023HouseFiled with the Clerk by Rep. Jed Davis
  1/16/2024HouseFirst Reading
  1/16/2024HouseReferred to Rules Committee

Back To Top