Illinois General Assembly - Bill Status for SB1905
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 Bill Status of SB1905  103rd General Assembly


Senate Sponsors
Sen. Chapin Rose

Last Action
DateChamber Action
  2/9/2023SenateReferred to Assignments

Statutes Amended In Order of Appearance
35 ILCS 200/18-182 new
65 ILCS 5/11-74.4-3from Ch. 24, par. 11-74.4-3

Synopsis As Introduced
Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that "redevelopment project costs" include the costs of demolishing buildings, site preparation, or site improvements of a dilapidated or vacant parcel zoned for residential use or costs of reconstruction, repair, remodeling, or new construction of a single-family residence on a dilapidated or vacant parcel zoned for residential use. Amends the Property Tax Code. Provides that a municipality, upon adoption of an ordinance or resolution by majority vote of its corporate authorities, may order the county clerk to abate, for 20 years, the portion of the taxes levied upon an improved parcel of real property that is attributable to the increase in the current equalized assessed valuation of the parcel over and above the equalized assessed valuation of the parcel immediately before the demolition of the dilapidated structure on the parcel. Provides that "improved parcel of real property" means a parcel where redevelopment project costs have been used by the municipality for the construction of a new single-family residence on a parcel zoned for residential use after demolition or removal of a dilapidated structure from that parcel. Provides that an abatement approved under the provisions shall be extended to all subsequent owners of the improved parcel of real property during the abatement period.

DateChamber Action
  2/9/2023SenateFiled with Secretary by Sen. Chapin Rose
  2/9/2023SenateFirst Reading
  2/9/2023SenateReferred to Assignments

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