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90_HB0275eng
35 ILCS 200/15-65
Amends the Property Tax Code. Includes in the list of
property granted an exemption based on charitable purposes
academic or research institutes that qualify for the
charitable purposes exemption under the Internal Revenue Code
of 1986 because they operate for the benefit of the public by
actually and exclusively performing scientific research and
making the result of the research available to the public on
a non-discriminatory basis.
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1 AN ACT to amend the Property Tax Code by changing Section
2 18-165.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Property Tax Code is amended by changing
6 Section 18-165 as follows:
7 (35 ILCS 200/18-165)
8 Sec. 18-165. Abatement of taxes.
9 (a) Any taxing district, upon a majority vote of its
10 governing authority, may, after the determination of the
11 assessed valuation of its property, order the clerk of that
12 county to abate any portion of its taxes on the following
13 types of property:
14 (1) Commercial and industrial.
15 (A) The property of any commercial or
16 industrial firm, including but not limited to the
17 property of any firm that is used for collecting,
18 separating, storing, or processing recyclable
19 materials, locating within the taxing district
20 during the immediately preceding year from another
21 state, territory, or country, or having been newly
22 created within this State during the immediately
23 preceding year, or expanding an existing facility.
24 The abatement shall not exceed a period of 10 years
25 and the aggregate amount of abated taxes for all
26 taxing districts combined shall not exceed
27 $3,000,000; or
28 (B) The property of any commercial or
29 industrial development of at least 500 acres having
30 been created within the taxing district. The
31 abatement shall not exceed a period of 20 years and
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1 the aggregate amount of abated taxes for all taxing
2 districts combined shall not exceed $12,000,000.
3 (2) Horse racing. Any property in the taxing
4 district which is used for the racing of horses and upon
5 which capital improvements consisting of expansion,
6 improvement or replacement of existing facilities have
7 been made since July 1, 1987. The combined abatements
8 for such property from all taxing districts in any county
9 shall not exceed $5,000,000 annually and shall not exceed
10 a period of 10 years.
11 (3) Auto racing. Any property designed exclusively
12 for the racing of motor vehicles which became subject to
13 property taxation after September 24, 1984 and is located
14 within a county with 225,000 or more but less than
15 300,000 inhabitants. Such abatement shall not exceed a
16 period of 10 years.
17 (4) Academic or research institute. The property
18 of any academic or research institute in the taxing
19 district that (i) is an exempt organization under
20 paragraph (3) of Section 501(c) of the Internal Revenue
21 Code, (ii) operates for the benefit of the public by
22 actually and exclusively performing scientific research
23 and making the results of the research available to the
24 interested public on a non-discriminatory basis, and
25 (iii) employs more than 100 employees. An abatement
26 granted under this paragraph shall be for at least 15
27 years and the aggregate amount of abated taxes for all
28 taxing districts combined shall not exceed $5,000,000.
29 (b) Upon a majority vote of its governing authority, any
30 municipality may, after the determination of the assessed
31 valuation of its property, order the county clerk to abate
32 any portion of its taxes on any property that is located
33 within the corporate limits of the municipality in accordance
34 with Section 8-3-18 of the Illinois Municipal Code.
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1 (Source: P.A. 87-17; 87-477; 87-895; 88-389; 88-455; 88-657,
2 eff. 1-1-95; 88-670, eff. 12-2-94; 89-561, eff. 1-1-97.)
3 Section 99. Effective date. This Act takes effect upon
4 becoming law.