(35 ILCS 200/18-183)
Sec. 18-183.
Cancellation and repayment of tax benefits.
Beginning with
tax year 1996, if any taxing district enters into an agreement that explicitly
sets forth the terms and length of a contract and thereby grants a tax
abatement or other tax benefit under Sections 18-165 through 18-180 of this
Code, under the Economic Development Area Tax Increment Allocation Act, the
County Economic Development Project Area Tax Increment Allocation Act of 1991,
the Tax Increment Allocation Redevelopment Act, the Industrial Jobs Recovery
Law, the Economic Development Project Area Tax Increment Allocation Act of
1995, or under any other statutory or constitutional authority implemented
under the Property Tax Code to a private individual or entity for the purpose
of originating, locating, maintaining, rehabilitating, or expanding a business
facility within the taxing district and the individual or entity relocates the
entire facility from the taxing district in violation of the terms and length
of the contract explicitly set forth in the agreement, the abatement or other
tax benefit for the remainder of the term is cancelled and the amount of the
abatements or other tax benefits granted before cancellation shall be repaid to
the taxing district within 30 days. This Section may be waived by the mutual
agreement of the individual or entity and the taxing district.
(Source: P.A. 89-591, eff. 8-1-96; 90-14, eff. 7-1-97.)
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