100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB5729

 

Introduced , by Rep. Michael Halpin

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/251 new

    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.


LRB100 17533 HLH 32703 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB5729LRB100 17533 HLH 32703 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by adding
5Section 251 as follows:
 
6    (35 ILCS 5/251 new)
7    Sec. 251. Community benefits agreements. Notwithstanding
8any other provision of law, if a taxpayer receives a deduction
9or 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
11that deduction or credit is related to the construction or
12modification by the taxpayer of commercial property located in
13a municipality of the State, then, prior to the start of the
14construction or modification, the taxpayer shall enter into a
15community benefits agreement with the municipality in which the
16property is located. At least 30 days but not more than 60 days
17before the agreement is entered into, the taxpayer shall host a
18public forum at which local residents and community groups may
19offer their input on the proposed agreement. Notice of such a
20forum shall be published by the taxpayer in a newspaper of
21general circulation in the municipality not fewer than 15 days
22prior to the forum. This Section applies to the construction or
23modification of property commencing on or after January 1,

 

 

HB5729- 2 -LRB100 17533 HLH 32703 b

12019.
 
2    Section 99. Effective date. This Act takes effect upon
3becoming law.