Full Text of SB1147 98th General Assembly
SB1147eng 98TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning economic development.
| 2 | | Be it enacted by the People of the State of Illinois, | 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Enterprise Zone Act is amended by | 5 | | changing Section 5.5 as follows:
| 6 | | (20 ILCS 655/5.5)
(from Ch. 67 1/2, par. 609.1)
| 7 | | Sec. 5.5. High Impact Business.
| 8 | | (a) In order to respond to unique opportunities to assist | 9 | | in the
encouragement, development, growth and expansion of the | 10 | | private sector through
large scale investment and development | 11 | | projects, the Department is authorized
to receive and approve | 12 | | applications for the designation of "High Impact
Businesses" in | 13 | | Illinois subject to the following conditions:
| 14 | | (1) such applications may be submitted at any time | 15 | | during the year;
| 16 | | (2) such business is not located, at the time of | 17 | | designation, in
an enterprise zone designated pursuant to | 18 | | this Act;
| 19 | | (3) the business intends to do one or more of the | 20 | | following:
| 21 | | (A) the business intends to make a minimum | 22 | | investment of
$12,000,000 which will be placed in | 23 | | service in qualified property and
intends to create 500 |
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| 1 | | full-time equivalent jobs at a designated location
in | 2 | | Illinois or intends to make a minimum investment of | 3 | | $30,000,000 which
will be placed in service in | 4 | | qualified property and intends to retain 1,500
| 5 | | full-time retained jobs at a designated location in | 6 | | Illinois.
The business must certify in writing that the | 7 | | investments would not be
placed in service in qualified | 8 | | property and the job creation or job
retention would | 9 | | not occur without the tax credits and exemptions set | 10 | | forth
in subsection (b) of this Section. The terms | 11 | | "placed in service" and
"qualified property" have the | 12 | | same meanings as described in subsection (h)
of Section | 13 | | 201 of the Illinois Income Tax Act; or
| 14 | | (B) the business intends to establish a new | 15 | | electric generating
facility at a designated location | 16 | | in Illinois. "New electric generating
facility", for | 17 | | purposes of this Section, means a newly-constructed
| 18 | | electric
generation plant
or a newly-constructed | 19 | | generation capacity expansion at an existing electric
| 20 | | generation
plant, including the transmission lines and | 21 | | associated
equipment that transfers electricity from | 22 | | points of supply to points of
delivery, and for which | 23 | | such new foundation construction commenced not sooner
| 24 | | than July 1,
2001. Such facility shall be designed to | 25 | | provide baseload electric
generation and shall operate | 26 | | on a continuous basis throughout the year;
and (i) |
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| 1 | | shall have an aggregate rated generating capacity of at | 2 | | least 1,000
megawatts for all new units at one site if | 3 | | it uses natural gas as its primary
fuel and foundation | 4 | | construction of the facility is commenced on
or before | 5 | | December 31, 2004, or shall have an aggregate rated | 6 | | generating
capacity of at least 400 megawatts for all | 7 | | new units at one site if it uses
coal or gases derived | 8 | | from coal
as its primary fuel and
shall support the | 9 | | creation of at least 150 new Illinois coal mining jobs, | 10 | | or
(ii) shall be funded through a federal Department of | 11 | | Energy grant before December 31, 2010 and shall support | 12 | | the creation of Illinois
coal-mining
jobs, or (iii) | 13 | | shall use coal gasification or integrated | 14 | | gasification-combined cycle units
that generate
| 15 | | electricity or chemicals, or both, and shall support | 16 | | the creation of Illinois
coal-mining
jobs.
The
| 17 | | business must certify in writing that the investments | 18 | | necessary to establish
a new electric generating | 19 | | facility would not be placed in service and the
job | 20 | | creation in the case of a coal-fueled plant
would not | 21 | | occur without the tax credits and exemptions set forth | 22 | | in
subsection (b-5) of this Section. The term "placed | 23 | | in service" has
the same meaning as described in | 24 | | subsection
(h) of Section 201 of the Illinois Income | 25 | | Tax Act; or
| 26 | | (B-5) the business intends to establish a new |
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| 1 | | gasification
facility at a designated location in | 2 | | Illinois. As used in this Section, "new gasification | 3 | | facility" means a newly constructed coal gasification | 4 | | facility that generates chemical feedstocks or | 5 | | transportation fuels derived from coal (which may | 6 | | include, but are not limited to, methane, methanol, and | 7 | | nitrogen fertilizer), that supports the creation or | 8 | | retention of Illinois coal-mining jobs, and that | 9 | | qualifies for financial assistance from the Department | 10 | | before December 31, 2010. A new gasification facility | 11 | | does not include a pilot project located within | 12 | | Jefferson County or within a county adjacent to | 13 | | Jefferson County for synthetic natural gas from coal; | 14 | | or
| 15 | | (C) the business intends to establish
production | 16 | | operations at a new coal mine, re-establish production | 17 | | operations at
a closed coal mine, or expand production | 18 | | at an existing coal mine
at a designated location in | 19 | | Illinois not sooner than July 1, 2001;
provided that | 20 | | the
production operations result in the creation of 150 | 21 | | new Illinois coal mining
jobs as described in | 22 | | subdivision (a)(3)(B) of this Section, and further
| 23 | | provided that the coal extracted from such mine is | 24 | | utilized as the predominant
source for a new electric | 25 | | generating facility.
The business must certify in | 26 | | writing that the
investments necessary to establish a |
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| 1 | | new, expanded, or reopened coal mine would
not
be | 2 | | placed in service and the job creation would not
occur | 3 | | without the tax credits and exemptions set forth in | 4 | | subsection (b-5) of
this Section. The term "placed in | 5 | | service" has
the same meaning as described in | 6 | | subsection (h) of Section 201 of the
Illinois Income | 7 | | Tax Act; or
| 8 | | (D) the business intends to construct new | 9 | | transmission facilities or
upgrade existing | 10 | | transmission facilities at designated locations in | 11 | | Illinois,
for which construction commenced not sooner | 12 | | than July 1, 2001. For the
purposes of this Section, | 13 | | "transmission facilities" means transmission lines
| 14 | | with a voltage rating of 115 kilovolts or above, | 15 | | including associated
equipment, that transfer | 16 | | electricity from points of supply to points of
delivery | 17 | | and that transmit a majority of the electricity | 18 | | generated by a new
electric generating facility | 19 | | designated as a High Impact Business in accordance
with | 20 | | this Section. The business must certify in writing that | 21 | | the investments
necessary to construct new | 22 | | transmission facilities or upgrade existing
| 23 | | transmission facilities would not be placed in service
| 24 | | without the tax credits and exemptions set forth in | 25 | | subsection (b-5) of this
Section. The term "placed in | 26 | | service" has the
same meaning as described in |
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| 1 | | subsection (h) of Section 201 of the Illinois
Income | 2 | | Tax Act; or
| 3 | | (E) the business intends to establish a new wind | 4 | | power facility at a designated location in Illinois. | 5 | | For purposes of this Section, "new wind power facility" | 6 | | means a newly constructed electric generation | 7 | | facility, or a newly constructed expansion of an | 8 | | existing electric generation facility, placed in | 9 | | service on or after July 1, 2009, that generates | 10 | | electricity using wind energy devices, and such | 11 | | facility shall be deemed to include all associated | 12 | | transmission lines, substations, and other equipment | 13 | | related to the generation of electricity from wind | 14 | | energy devices. For purposes of this Section, "wind | 15 | | energy device" means any device, with a nameplate | 16 | | capacity of at least 0.5 megawatts, that is used in the | 17 | | process of converting kinetic energy from the wind to | 18 | | generate electricity; or and | 19 | | (F) the business intends to (i) make a minimum | 20 | | investment of $500,000,000, which will be placed in | 21 | | service in a qualified property, (ii) create 125 | 22 | | full-time equivalent jobs at a designated location in | 23 | | Illinois, and (iii) establish a fertilizer plant at a | 24 | | designated location in Illinois; for the purposes of | 25 | | this Section, "fertilizer plant" means a newly | 26 | | constructed or upgraded plant facilitating gas used in |
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| 1 | | the production of anhydrous ammonia and downstream | 2 | | nitrogen fertilizer products for resale; and
| 3 | | (4) no later than 90 days after an application is | 4 | | submitted, the
Department shall notify the applicant of the | 5 | | Department's determination of
the qualification of the | 6 | | proposed High Impact Business under this Section.
| 7 | | (b) Businesses designated as High Impact Businesses | 8 | | pursuant to
subdivision (a)(3)(A) of this Section shall qualify | 9 | | for the credits and
exemptions described in the
following Acts: | 10 | | Section 9-222 and Section 9-222.1A of the Public Utilities
Act,
| 11 | | subsection (h)
of Section 201 of the Illinois Income Tax Act,
| 12 | | and Section 1d of
the
Retailers' Occupation Tax Act; provided | 13 | | that these credits and
exemptions
described in these Acts shall | 14 | | not be authorized until the minimum
investments set forth in | 15 | | subdivision (a)(3)(A) of this
Section have been placed in
| 16 | | service in qualified properties and, in the case of the | 17 | | exemptions
described in the Public Utilities Act and Section 1d | 18 | | of the Retailers'
Occupation Tax Act, the minimum full-time | 19 | | equivalent jobs or full-time retained jobs set
forth in | 20 | | subdivision (a)(3)(A) of this Section have been
created or | 21 | | retained.
Businesses designated as High Impact Businesses | 22 | | under
this Section shall also
qualify for the exemption | 23 | | described in Section 5l of the Retailers' Occupation
Tax Act. | 24 | | The credit provided in subsection (h) of Section 201 of the | 25 | | Illinois
Income Tax Act shall be applicable to investments in | 26 | | qualified property as set
forth in subdivision (a)(3)(A) of |
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| 1 | | this Section.
| 2 | | (b-5) Businesses designated as High Impact Businesses | 3 | | pursuant to
subdivisions (a)(3)(B), (a)(3)(B-5), (a)(3)(C), | 4 | | and (a)(3)(D) of this Section shall qualify
for the credits and | 5 | | exemptions described in the following Acts: Section 51 of
the | 6 | | Retailers' Occupation Tax Act, Section 9-222 and Section | 7 | | 9-222.1A of the
Public Utilities Act, and subsection (h) of | 8 | | Section 201 of the Illinois Income
Tax Act; however, the | 9 | | credits and exemptions authorized under Section 9-222 and
| 10 | | Section 9-222.1A of the Public Utilities Act, and subsection | 11 | | (h) of Section 201
of the Illinois Income Tax Act shall not be | 12 | | authorized until the new electric
generating facility, the new | 13 | | gasification facility, the new transmission facility, or the | 14 | | new, expanded, or
reopened coal mine is operational,
except | 15 | | that a new electric generating facility whose primary fuel | 16 | | source is
natural gas is eligible only for the exemption under | 17 | | Section 5l of the
Retailers' Occupation Tax Act.
| 18 | | (b-6) Businesses designated as High Impact Businesses | 19 | | pursuant to subdivision (a)(3)(E) of this Section shall qualify | 20 | | for the exemptions described in Section 5l of the Retailers' | 21 | | Occupation Tax Act; any business so designated as a High Impact | 22 | | Business being, for purposes of this Section, a "Wind Energy | 23 | | Business". | 24 | | (c) High Impact Businesses located in federally designated | 25 | | foreign trade
zones or sub-zones are also eligible for | 26 | | additional credits, exemptions and
deductions as described in |
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| 1 | | the following Acts: Section 9-221 and Section
9-222.1 of the | 2 | | Public
Utilities Act; and subsection (g) of Section 201, and | 3 | | Section 203
of the Illinois Income Tax Act.
| 4 | | (d) Except for businesses contemplated under subdivision | 5 | | (a)(3)(E) of this Section, existing Illinois businesses which | 6 | | apply for designation as a
High Impact Business must provide | 7 | | the Department with the prospective plan
for which 1,500 | 8 | | full-time retained jobs would be eliminated in the event that | 9 | | the
business is not designated.
| 10 | | (e) Except for new wind power facilities contemplated under | 11 | | subdivision (a)(3)(E) of this Section, new proposed facilities | 12 | | which apply for designation as High Impact
Business must | 13 | | provide the Department with proof of alternative non-Illinois
| 14 | | sites which would receive the proposed investment and job | 15 | | creation in the
event that the business is not designated as a | 16 | | High Impact Business.
| 17 | | (f) Except for businesses contemplated under subdivision | 18 | | (a)(3)(E) of this Section, in the event that a business is | 19 | | designated a High Impact Business
and it is later determined | 20 | | after reasonable notice and an opportunity for a
hearing as | 21 | | provided under the Illinois Administrative Procedure Act, that
| 22 | | the business would have placed in service in qualified property | 23 | | the
investments and created or retained the requisite number of | 24 | | jobs without
the benefits of the High Impact Business | 25 | | designation, the Department shall
be required to immediately | 26 | | revoke the designation and notify the Director
of the |
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| 1 | | Department of Revenue who shall begin proceedings to recover | 2 | | all
wrongfully exempted State taxes with interest. The business | 3 | | shall also be
ineligible for all State funded Department | 4 | | programs for a period of 10 years.
| 5 | | (g) The Department shall revoke a High Impact Business | 6 | | designation if
the participating business fails to comply with | 7 | | the terms and conditions of
the designation. However, the | 8 | | penalties for new wind power facilities or Wind Energy | 9 | | Businesses for failure to comply with any of the terms or | 10 | | conditions of the Illinois Prevailing Wage Act shall be only | 11 | | those penalties identified in the Illinois Prevailing Wage Act, | 12 | | and the Department shall not revoke a High Impact Business | 13 | | designation as a result of the failure to comply with any of | 14 | | the terms or conditions of the Illinois Prevailing Wage Act in | 15 | | relation to a new wind power facility or a Wind Energy | 16 | | Business.
| 17 | | (h) Prior to designating a business, the Department shall | 18 | | provide the
members of the General Assembly and Commission on | 19 | | Government Forecasting and Accountability
with a report | 20 | | setting forth the terms and conditions of the designation and
| 21 | | guarantees that have been received by the Department in | 22 | | relation to the
proposed business being designated.
| 23 | | (Source: P.A. 96-28, eff. 7-1-09; 97-905, eff. 8-7-12.)
| 24 | | Section 10. The Property Tax Code is amended by changing | 25 | | Section 18-165 as follows:
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| 1 | | (35 ILCS 200/18-165)
| 2 | | Sec. 18-165. Abatement of taxes.
| 3 | | (a) Any taxing district, upon a majority vote of its | 4 | | governing authority,
may, after the determination of the | 5 | | assessed valuation of its property, order
the clerk of that | 6 | | county to abate any portion of its taxes on the following
types | 7 | | of property:
| 8 | | (1) Commercial and industrial.
| 9 | | (A) The property of any commercial or industrial | 10 | | firm,
including but not limited to the property of (i) | 11 | | any firm that
is used for collecting, separating, | 12 | | storing, or processing recyclable
materials, locating | 13 | | within the taxing district during the immediately | 14 | | preceding
year from another state, territory, or | 15 | | country, or having been newly created
within this State | 16 | | during the immediately preceding year, or expanding an
| 17 | | existing facility, or (ii) any firm that is used for | 18 | | the generation and
transmission of
electricity | 19 | | locating within the taxing district during the | 20 | | immediately
preceding year or expanding its presence | 21 | | within the taxing district during the
immediately | 22 | | preceding year by construction of a new electric | 23 | | generating
facility that uses natural gas as its fuel, | 24 | | or any firm that is used for
production operations at a | 25 | | new,
expanded, or reopened coal mine within the taxing |
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| 1 | | district, that
has been certified as a High Impact | 2 | | Business by the Illinois Department of
Commerce and | 3 | | Economic Opportunity. The property of any firm used for | 4 | | the
generation and transmission of electricity shall | 5 | | include all property of the
firm used for transmission | 6 | | facilities as defined in Section 5.5 of the Illinois
| 7 | | Enterprise Zone Act. The abatement shall not exceed a | 8 | | period of 10 years
and the aggregate amount of abated | 9 | | taxes for all taxing districts combined
shall not | 10 | | exceed $4,000,000.
| 11 | | (A-5) Any property in the taxing district of a new | 12 | | electric generating
facility, as defined in Section | 13 | | 605-332 of the Department of Commerce and
Economic | 14 | | Opportunity Law of the Civil Administrative Code of | 15 | | Illinois.
The abatement shall not exceed a period of 10 | 16 | | years.
The abatement shall be subject to the following | 17 | | limitations:
| 18 | | (i) if the equalized assessed valuation of the | 19 | | new electric generating
facility is equal to or | 20 | | greater than $25,000,000 but less
than | 21 | | $50,000,000, then the abatement may not exceed (i) | 22 | | over the entire term
of the abatement, 5% of the | 23 | | taxing district's aggregate taxes from the
new | 24 | | electric generating facility and (ii) in any one
| 25 | | year of abatement, 20% of the taxing district's | 26 | | taxes from the
new electric generating facility;
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| 1 | | (ii) if the equalized assessed valuation of | 2 | | the new electric
generating facility is equal to or | 3 | | greater than $50,000,000 but less
than | 4 | | $75,000,000, then the abatement may not exceed (i) | 5 | | over the entire term
of the abatement, 10% of the | 6 | | taxing district's aggregate taxes from the
new | 7 | | electric generating facility and (ii) in any one
| 8 | | year of abatement, 35% of the taxing district's | 9 | | taxes from the
new electric generating facility;
| 10 | | (iii) if the equalized assessed valuation of | 11 | | the new electric
generating facility
is equal to or | 12 | | greater than $75,000,000 but less
than | 13 | | $100,000,000, then the abatement may not exceed | 14 | | (i) over the entire term
of the abatement, 20% of | 15 | | the taxing district's aggregate taxes from the
new | 16 | | electric generating facility and (ii) in any one
| 17 | | year of abatement, 50% of the taxing district's | 18 | | taxes from the
new electric generating facility;
| 19 | | (iv) if the equalized assessed valuation of | 20 | | the new electric
generating facility is equal to or | 21 | | greater than $100,000,000 but less
than | 22 | | $125,000,000, then the
abatement may not exceed | 23 | | (i) over the entire term of the abatement, 30% of | 24 | | the
taxing district's aggregate taxes from the new | 25 | | electric generating facility
and (ii) in any one | 26 | | year of abatement, 60% of the taxing
district's |
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| 1 | | taxes from the new electric generating facility;
| 2 | | (v) if the equalized assessed valuation of the | 3 | | new electric generating
facility is equal to or | 4 | | greater than $125,000,000 but less
than | 5 | | $150,000,000, then the
abatement may not exceed | 6 | | (i) over the entire term of the abatement, 40% of | 7 | | the
taxing district's aggregate taxes from the new | 8 | | electric generating facility
and (ii) in any one | 9 | | year of abatement, 60% of the taxing
district's | 10 | | taxes from the new electric generating facility;
| 11 | | (vi) if the equalized assessed valuation of | 12 | | the new electric
generating facility is equal to or | 13 | | greater than $150,000,000, then the
abatement may | 14 | | not exceed (i) over the entire term of the | 15 | | abatement, 50% of the
taxing district's aggregate | 16 | | taxes from the new electric generating facility
| 17 | | and (ii) in any one year of abatement, 60% of the | 18 | | taxing
district's taxes from the new electric | 19 | | generating facility.
| 20 | | The abatement is not effective unless
the owner of | 21 | | the new electric generating facility agrees to
repay to | 22 | | the taxing district all amounts previously abated, | 23 | | together with
interest computed at the rate and in the | 24 | | manner provided for delinquent taxes,
in the event that | 25 | | the owner of the new electric generating facility | 26 | | closes the
new electric generating facility before the |
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| 1 | | expiration of the
entire term of the abatement.
| 2 | | The authorization of taxing districts to abate | 3 | | taxes under this
subdivision (a)(1)(A-5) expires on | 4 | | January 1, 2010.
| 5 | | (B) The property of any commercial or industrial
| 6 | | development of at least 225 500 acres having been | 7 | | created within the taxing
district. The abatement | 8 | | shall not exceed a period of 20 years and the
aggregate | 9 | | amount of abated taxes for all taxing districts | 10 | | combined shall not
exceed $12,000,000.
| 11 | | (C) The property of any commercial or industrial | 12 | | firm currently
located in the taxing district that | 13 | | expands a facility or its number of
employees. The | 14 | | abatement shall not exceed a period of 10 years and the
| 15 | | aggregate amount of abated taxes for all taxing | 16 | | districts combined shall not
exceed $4,000,000. The | 17 | | abatement period may be renewed at the option of the
| 18 | | taxing districts.
| 19 | | (2) Horse racing. Any property in the taxing district | 20 | | which
is used for the racing of horses and upon which | 21 | | capital improvements consisting
of expansion, improvement | 22 | | or replacement of existing facilities have been made
since | 23 | | July 1, 1987. The combined abatements for such property | 24 | | from all taxing
districts in any county shall not exceed | 25 | | $5,000,000 annually and shall not
exceed a period of 10 | 26 | | years.
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| 1 | | (3) Auto racing. Any property designed exclusively for | 2 | | the racing of
motor vehicles. Such abatement shall not | 3 | | exceed a period of 10 years.
| 4 | | (4) Academic or research institute. The property of any | 5 | | academic or
research institute in the taxing district that | 6 | | (i) is an exempt organization
under paragraph (3) of | 7 | | Section 501(c) of the Internal Revenue Code, (ii)
operates | 8 | | for the benefit of the public by actually and exclusively | 9 | | performing
scientific research and making the results of | 10 | | the research available to the
interested public on a | 11 | | non-discriminatory basis, and (iii) employs more than
100 | 12 | | employees. An abatement granted under this paragraph shall | 13 | | be for at
least 15 years and the aggregate amount of abated | 14 | | taxes for all taxing
districts combined shall not exceed | 15 | | $5,000,000.
| 16 | | (5) Housing for older persons. Any property in the | 17 | | taxing district that
is devoted exclusively to affordable | 18 | | housing for older households. For
purposes of this | 19 | | paragraph, "older households" means those households (i)
| 20 | | living in housing provided under any State or federal | 21 | | program that the
Department of Human Rights determines is | 22 | | specifically designed and operated to
assist elderly | 23 | | persons and is solely occupied by persons 55 years of age | 24 | | or
older and (ii) whose annual income does not exceed 80% | 25 | | of the area gross median
income, adjusted for family size, | 26 | | as such gross income and median income are
determined from |
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| 1 | | time to time by the United States Department of Housing and
| 2 | | Urban Development. The abatement shall not exceed a period | 3 | | of 15 years, and
the aggregate amount of abated taxes for | 4 | | all taxing districts shall not exceed
$3,000,000.
| 5 | | (6) Historical society. For assessment years 1998 | 6 | | through 2018, the
property of an historical society | 7 | | qualifying as an exempt organization under
Section | 8 | | 501(c)(3) of the federal Internal Revenue Code.
| 9 | | (7) Recreational facilities. Any property in the | 10 | | taxing district (i)
that is used for a municipal airport, | 11 | | (ii) that
is subject to a leasehold assessment under | 12 | | Section 9-195 of this Code and (iii)
which
is sublet from a | 13 | | park district that is leasing the property from a
| 14 | | municipality, but only if the property is used exclusively | 15 | | for recreational
facilities or for parking lots used | 16 | | exclusively for those facilities. The
abatement shall not | 17 | | exceed a period of 10 years.
| 18 | | (8) Relocated corporate headquarters. If approval | 19 | | occurs within 5 years
after the effective date of this | 20 | | amendatory Act of the 92nd General Assembly,
any property | 21 | | or a portion of any property in a taxing district that is | 22 | | used by
an eligible business for a corporate headquarters | 23 | | as defined in the Corporate
Headquarters Relocation Act. | 24 | | Instead of an abatement under this paragraph (8),
a taxing | 25 | | district may enter into an agreement with an eligible | 26 | | business to make
annual payments to that eligible business |
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| 1 | | in an amount not to exceed the
property taxes paid directly | 2 | | or indirectly by that eligible business to the
taxing | 3 | | district and any other taxing districts for
premises | 4 | | occupied pursuant to a written lease and may make those | 5 | | payments
without the need for an annual appropriation. No | 6 | | school district, however, may
enter into an agreement with, | 7 | | or abate taxes for, an eligible business unless
the | 8 | | municipality in which the corporate headquarters is | 9 | | located agrees to
provide funding to the school district in | 10 | | an amount equal to the amount abated
or paid by the school | 11 | | district as provided in this paragraph (8).
Any abatement | 12 | | ordered or
agreement entered into under this paragraph (8) | 13 | | may be effective for the entire
term specified by the | 14 | | taxing district, except the term of the abatement or
annual | 15 | | payments may not exceed 20 years. | 16 | | (9) United States Military Public/Private Residential | 17 | | Developments. Each building, structure, or other | 18 | | improvement designed, financed, constructed, renovated, | 19 | | managed, operated, or maintained after January 1, 2006 | 20 | | under a "PPV Lease", as set forth under Division 14 of | 21 | | Article 10, and any such PPV Lease.
| 22 | | (10) Property located in a business corridor that | 23 | | qualifies for an abatement under Section 18-184.10. | 24 | | (b) Upon a majority vote of its governing authority, any | 25 | | municipality
may, after the determination of the assessed | 26 | | valuation of its property, order
the county clerk to abate any |
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| 1 | | portion of its taxes on any property that is
located within the | 2 | | corporate limits of the municipality in accordance with
Section | 3 | | 8-3-18 of the Illinois Municipal Code.
| 4 | | (Source: P.A. 96-1136, eff. 7-21-10; 97-577, eff. 1-1-12; | 5 | | 97-636, eff. 6-1-12 .)
| 6 | | Section 99. Effective date. This Act takes effect upon | 7 | | becoming law. |
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