Sen. Terry Link

Filed: 3/11/2010

 

 


 

 


 
09600SB3151sam001 LRB096 19982 HLH 38448 a

1
AMENDMENT TO SENATE BILL 3151

2     AMENDMENT NO. ______. Amend Senate Bill 3151 on page 3,
3 line 9, by replacing "Beginning January 1, 2011," with "For
4 economic development project areas established or extended on
5 or after January 1, 2011,"; and
 
6 on page 3, immediately below line 14, by inserting the
7 following:
8     "If an economic development project area is established on
9 or after January 1, 2011, and the boundaries of the economic
10 development project area are subsequently expanded, then,
11 beginning with the first taxable year during which the
12 additional property is included, the equalized assessed value
13 for the previous year shall be calculated as though the
14 additional property had been included during the previous year.
15     If an economic development project area is established
16 prior to January 1, 2011, and the boundaries of the economic
17 development project area are expanded on or after January 1,

 

 

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1 2011, then, each year, the initial equalized assessed value of
2 the additional property must be increased over the initial
3 equalized assessed value of the additional property for the
4 previous year by the annual rate of increase, for the previous
5 calendar year, of the Consumer Price Index for All Urban
6 Consumers for all items, published by the United States Bureau
7 of Labor Statistics."; and
 
8 on page 5, line 21, by replacing "Beginning January 1, 2011,"
9 with "For economic development project areas established or
10 extended on or after January 1, 2011,"; and
 
11 on page 5, immediately below line 26, by inserting the
12 following:
13     "If an economic development project area is established on
14 or after January 1, 2011, and the boundaries of the economic
15 development project area are subsequently expanded, then,
16 beginning with the first taxable year during which the
17 additional property is included, the equalized assessed value
18 for the previous year shall be calculated as though the
19 additional property had been included during the previous year.
20     If an economic development project area is established
21 prior to January 1, 2011, and the boundaries of the economic
22 development project area are expanded on or after January 1,
23 2011, then, each year, the initial equalized assessed value of
24 the additional property must be increased over the initial

 

 

09600SB3151sam001 - 3 - LRB096 19982 HLH 38448 a

1 equalized assessed value of the additional property for the
2 previous year by the annual rate of increase, for the previous
3 calendar year, of the Consumer Price Index for All Urban
4 Consumers for all items, published by the United States Bureau
5 of Labor Statistics."; and
 
6 on page 8, line 5, by replacing "Beginning January 1, 2011,"
7 with "For economic development project areas established or
8 extended on or after January 1, 2011,"; and
 
9 on page 8, immediately below line 10, by inserting the
10 following:
11     "If an economic development project area is established on
12 or after January 1, 2011, and the boundaries of the economic
13 development project area are subsequently expanded, then,
14 beginning with the first taxable year during which the
15 additional property is included, the equalized assessed value
16 for the previous year shall be calculated as though the
17 additional property had been included during the previous year.
18     If an economic development project area is established
19 prior to January 1, 2011, and the boundaries of the economic
20 development project area are expanded on or after January 1,
21 2011, then, each year, the initial equalized assessed value of
22 the additional property must be increased over the initial
23 equalized assessed value of the additional property for the
24 previous year by the annual rate of increase, for the previous

 

 

09600SB3151sam001 - 4 - LRB096 19982 HLH 38448 a

1 calendar year, of the Consumer Price Index for All Urban
2 Consumers for all items, published by the United States Bureau
3 of Labor Statistics."; and
 
4 on page 8, line 13, by replacing "Section 11-74.4-9" with
5 "Sections 11-74.4-9, 11-74.6-40, and 11-74.6-50"; and
 
6 on page 10, line 6, by replacing "Beginning January 1, 2011,"
7 with "For redevelopment project areas established or extended
8 on or after January 1, 2011,"; and
 
9 on page 10, immediately below line 11, by inserting the
10 following:
11     "If a redevelopment project area is established on or after
12 January 1, 2011, and the boundaries of the redevelopment
13 project area are subsequently expanded, then, beginning with
14 the first taxable year during which the additional property is
15 included, the equalized assessed value for the previous year
16 shall be calculated as though the additional property had been
17 included during the previous year.
18     If a redevelopment project area is established prior to
19 January 1, 2011, and the boundaries of the redevelopment
20 project area are expanded on or after January 1, 2011, then,
21 each year, the initial equalized assessed value of the
22 additional property must be increased over the initial
23 equalized assessed value of the additional property for the

 

 

09600SB3151sam001 - 5 - LRB096 19982 HLH 38448 a

1 previous year by the annual rate of increase, for the previous
2 calendar year, of the Consumer Price Index for All Urban
3 Consumers for all items, published by the United States Bureau
4 of Labor Statistics."; and
 
5 on page 11, immediately below line 20, by inserting the
6 following:
 
7     "(65 ILCS 5/11-74.6-40)
8     Sec. 11-74.6-40. Equalized assessed value determination;
9 property tax extension.
10     (a) If a municipality by ordinance provides for tax
11 increment allocation financing under Section 11-74.6-35, the
12 county clerk immediately thereafter:
13         (1) shall determine the initial equalized assessed
14     value of each parcel of real property in the redevelopment
15     project area, which is the most recently established
16     equalized assessed value of each lot, block, tract or
17     parcel of taxable real property within the redevelopment
18     project area, minus the homestead exemptions under Article
19     15 of the Property Tax Code; and
20         (2) shall certify to the municipality the total initial
21     equalized assessed value of all taxable real property
22     within the redevelopment project area.
23     (b) Any municipality that has established a vacant
24 industrial buildings conservation area may, by ordinance

 

 

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1 passed after the adoption of tax increment allocation
2 financing, provide that the county clerk immediately
3 thereafter shall again determine:
4         (1) the updated initial equalized assessed value of
5     each lot, block, tract or parcel of real property, which is
6     the most recently ascertained equalized assessed value of
7     each lot, block, tract or parcel of real property within
8     the vacant industrial buildings conservation area; and
9         (2) the total updated initial equalized assessed value
10     of all taxable real property within the redevelopment
11     project area, which is the total of the updated initial
12     equalized assessed value of all taxable real property
13     within the vacant industrial buildings conservation area.
14     The county clerk shall certify to the municipality the
15 total updated initial equalized assessed value of all taxable
16 real property within the industrial buildings conservation
17 area.
18     (c) After the county clerk has certified the total initial
19 equalized assessed value or the total updated initial equalized
20 assessed value of the taxable real property in the area, for
21 each taxing district in which a redevelopment project area is
22 situated, the county clerk or any other official required by
23 law to determine the amount of the equalized assessed value of
24 all taxable property within the district for the purpose of
25 computing the percentage rate of tax to be extended upon
26 taxable property within the district, shall in every year that

 

 

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1 tax increment allocation financing is in effect determine the
2 total equalized assessed value of taxable property in a
3 redevelopment project area by including in that amount the
4 lower of the current equalized assessed value or the certified
5 total initial equalized assessed value or, if the total of
6 updated equalized assessed value has been certified, the total
7 updated initial equalized assessed value of all taxable real
8 property in the redevelopment project area. After he has
9 certified the total initial equalized assessed value he shall
10 in the year of that certification, if tax rates have not been
11 extended, and in every subsequent year that tax increment
12 allocation financing is in effect, determine the amount of
13 equalized assessed value of taxable property in a redevelopment
14 project area by including in that amount the lower of the
15 current total equalized assessed value or the certified total
16 initial equalized assessed value or, if the total of updated
17 initial equalized assessed values have been certified, the
18 total updated initial equalized assessed value of all taxable
19 real property in the redevelopment project area.
20     (c-5) For redevelopment project areas established or
21 extended on or after January 1, 2011, each year, the initial
22 equalized assessed value must be increased over the initial
23 equalized assessed value of the previous year by the annual
24 rate of increase, for the previous calendar year, of the
25 Consumer Price Index for All Urban Consumers for all items,
26 published by the United States Bureau of Labor Statistics.

 

 

09600SB3151sam001 - 8 - LRB096 19982 HLH 38448 a

1     If a redevelopment project area is established on or after
2 January 1, 2011, and the boundaries of the redevelopment
3 project area are subsequently expanded, then, beginning with
4 the first taxable year during which the additional property is
5 included, the equalized assessed value for the previous year
6 shall be calculated as though the additional property had been
7 included during the previous year.
8     If a redevelopment project area is established prior to
9 January 1, 2011, and the boundaries of the redevelopment
10 project area are expanded on or after January 1, 2011, then,
11 each year, the initial equalized assessed value of the
12 additional property must be increased over the initial
13 equalized assessed value of the additional property for the
14 previous year by the annual rate of increase, for the previous
15 calendar year, of the Consumer Price Index for All Urban
16 Consumers for all items, published by the United States Bureau
17 of Labor Statistics.
18     (d) The percentage rate of tax determined shall be extended
19 on the current equalized assessed value of all property in the
20 redevelopment project area in the same manner as the rate per
21 cent of tax is extended to all other taxable property in the
22 taxing district. The method of extending taxes established
23 under this Section shall terminate when the municipality adopts
24 an ordinance dissolving the special tax allocation fund for the
25 redevelopment project area. This Law shall not be construed as
26 relieving property owners within a redevelopment project area

 

 

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1 from paying a uniform rate of taxes upon the current equalized
2 assessed value of their taxable property as provided in the
3 Property Tax Code.
4 (Source: P.A. 95-644, eff. 10-12-07.)
 
5     (65 ILCS 5/11-74.6-50)
6     Sec. 11-74.6-50. On or before the date which is 60 months
7 following the date on which this amendatory Act of 1994 becomes
8 law, the Department shall submit to the General Assembly a
9 report detailing the number of redevelopment project areas that
10 have been established, the number and type of jobs created or
11 retained therein, the aggregate amount of tax increment
12 incentives provided, the aggregate amount of private
13 investment produced therein, the amount of tax increment
14 revenue produced and available for expenditure within the tax
15 increment financing districts and such additional information
16 as the Department may determine to be relevant. On or after
17 January 1, 2015, the date which is 16 years following the date
18 on which this amendatory Act of 1994 becomes law the authority
19 granted hereunder to municipalities to establish redevelopment
20 project areas and to adopt tax increment allocation financing
21 in connection therewith shall expire unless the General
22 Assembly shall have authorized municipalities to continue to
23 exercise said powers.
24 (Source: P.A. 91-474, eff. 11-1-99.)"; and
 

 

 

09600SB3151sam001 - 10 - LRB096 19982 HLH 38448 a

1 on page 13, line 25, by replacing "Beginning January 1, 2011,"
2 with "For economic development project areas established or
3 extended on or after January 1, 2011,"; and
 
4 on page 14, immediately below line 4, by inserting the
5 following:
6     "If an economic development project area is established on
7 or after January 1, 2011, and the boundaries of the economic
8 development project area are subsequently expanded, then,
9 beginning with the first taxable year during which the
10 additional property is included, the equalized assessed value
11 for the previous year shall be calculated as though the
12 additional property had been included during the previous year.
13     If an economic development project area is established
14 prior to January 1, 2011, and the boundaries of the economic
15 development project area are expanded on or after January 1,
16 2011, then, each year, the initial equalized assessed value of
17 the additional property must be increased over the initial
18 equalized assessed value of the additional property for the
19 previous year by the annual rate of increase, for the previous
20 calendar year, of the Consumer Price Index for All Urban
21 Consumers for all items, published by the United States Bureau
22 of Labor Statistics.".