HB5303 95TH GENERAL ASSEMBLY

95TH GENERAL ASSEMBLY State of Illinois 2007 and 2008
HB5303

Introduced , by Rep. Patricia Reid Lindner

SYNOPSIS AS INTRODUCED:

35 ILCS 200/10-146 new

Amends the Property Tax Code. Provides that if a barn is improved for the purpose of preserving the integrity of the internal and external features of the structure as a barn then, beginning with the assessment year immediately following the completion of the improvements, the value of those improvements is not included in the fair cash value of the barn. Provides that this special valuation applies only to structures that have been first placed in service as a barn prior to 1937. Effective immediately.

LRB095 17687 BDD 43761 b

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

HB5303

LRB095 17687 BDD 43761 b

1 AN ACT concerning revenue.

2 Be it enacted by the People of the State of Illinois,

3 represented in the General Assembly:

4 Section 5. The Property Tax Code is amended by adding

5 Section 10-146 as follows:

6 (35 ILCS 200/10-146 new)

7 Sec. 10-146. Valuation of restored barns.

8 (a) Beginning with the 2008 taxable year, if a barn is

9 improved for the purpose of preserving the integrity of the

10 internal and external features of the structure as a barn,

11 then, beginning with the assessment year immediately following

12 the completion of the improvements, the value of those

13 improvements is not included in the fair cash value of the

14 barn. This Section applies only to structures that have been

15 first placed in service as a barn prior to 1937.

16 (b) For purposes of this Section, "barn" means an

17 agricultural structure, in whatever shape or design, that is

18 used for the storage of farm products or feed or for the

19 housing of farm animals, poultry, or farm equipment.

20 Section 99. Effective date. This Act takes effect upon

21 becoming law.