HB4692 98TH GENERAL ASSEMBLY

LRB098 18669 HLH 53812 b

98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB4692

Introduced , by Rep. Michael J. Zalewski

SYNOPSIS AS INTRODUCED:

35 ILCS 200/18-184.15 new

Amends the Property Tax Code. Provides that any county, municipality, village, or township may order the county clerk to abate all or a portion of the taxes levied by the county, municipality, village, or township on certain tool and die manufacturing business property. Provides that, upon approval of an abatement ordinance by the county, municipality, village, or township, any taxing district located in whole or in part within that county, municipality, village or township may also abate all or a portion of its taxes levied on that property. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by adding Section 18-184.15 as follows:

(35 ILCS 200/18-184.15 new)

Sec. 18-184.15. Tool and manufacturing abatement. Beginning in taxable year 2015, any county, municipality, village, or township, upon approval of an ordinance or resolution, may abate all or a portion of the taxes levied by that county, municipality, village, or township on the property of a qualified tool and manufacturing business located within that county, municipality, village, or township. Following the approval of such an ordinance or resolution by a county, municipality, village, or township, any taxing district located in whole or in part within that county, municipality, village or township may also abate all or a portion of its taxes levied by the taxing district on the property of the qualified tool and manufacturing business. Such taxing district, upon approval of an ordinance or resolution, abating all or a portion of the taxes levied by the taxing district on the property of the qualified tool and manufacturing business located within the taxing district, shall order the county clerk to abate all or a portion of the taxes levied by the taxing district on the property of the qualified tool and manufacturing business located within the taxing district.

"Qualified tool and manufacturing business" means a business with (i) fewer than 75 full-time employees and (ii) a North American Industrial Classification System (NAICS) subsector classification of:

Plastics and Rubber Products Manufacturing (326);

Primary Metal Manufacturing (331);

Fabricated Metal Product Manufacturing (332);

Machinery Manufacturing (333);

Computer and Electronic Product Manufacturing (334);

Electrical Equipment, Appliance, and Component Manufacturing (335);

Transportation Equipment Manufacturing (336);

Furniture and Related Product Manufacturing (337); or

Miscellaneous Manufacturing (339).

"Qualified tool and manufacturing business property" means property owned by a qualified tool and manufacturing business and used by that business primarily for tool and manufacturing business operations. "Qualified tool and manufacturing business property" also includes property leased by a qualified tool and manufacturing business and used primarily for tool and manufacturing business operations if the qualified tool and manufacturing business is liable for paying real property taxes on the property. Qualified tool and manufacturing business property is considered to be used primarily for tool and manufacturing business operations if 75% or more of the gross revenue of the tool and manufacturing business is generated from tool and manufacturing operations that take place on that property during the taxable year.

Section 99. Effective date. This Act takes effect upon becoming law.