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90_SB0677
35 ILCS 200/18-165
Amends the Property Tax Code. Includes in the list of
commercial and industrial property that may receive a tax
abatement the property of any commercial or industrial firm
currently located in the taxing district with the intent of
expanding a facility or its number of employees. Provides
that the abatement shall not exceed a period of 10 years and
an aggregate amount of $10,000,000 for all taxing districts.
Increases the aggregate abatement for property of any
commercial or industrial firm locating within the taxing
district during the immediately preceding year from another
state, territory, or county, or newly created during the
immediately preceding year from $3,000,000 to $10,000,000.
LRB9001431KDcc
LRB9001431KDcc
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 $10,000,000 $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
-2- LRB9001431KDcc
1 the aggregate amount of abated taxes for all taxing
2 districts combined shall not exceed $12,000,000.
3 (C) The property of any commercial or
4 industrial firm currently located in the taxing
5 district with the intent of expanding a facility or
6 its number of employees. The abatement shall not
7 exceed a period of 10 years and the aggregate amount
8 of abated taxes for all taxing districts combined
9 shall not exceed $10,000,000. The abatement period
10 may be renewed at the option of the taxing
11 districts.
12 (2) Horse racing. Any property in the taxing
13 district which is used for the racing of horses and upon
14 which capital improvements consisting of expansion,
15 improvement or replacement of existing facilities have
16 been made since July 1, 1987. The combined abatements
17 for such property from all taxing districts in any county
18 shall not exceed $5,000,000 annually and shall not exceed
19 a period of 10 years.
20 (3) Auto racing. Any property designed exclusively
21 for the racing of motor vehicles which became subject to
22 property taxation after September 24, 1984 and is located
23 within a county with 225,000 or more but less than
24 300,000 inhabitants. Such abatement shall not exceed a
25 period of 10 years.
26 (b) Upon a majority vote of its governing authority, any
27 municipality may, after the determination of the assessed
28 valuation of its property, order the county clerk to abate
29 any portion of its taxes on any property that is located
30 within the corporate limits of the municipality in accordance
31 with Section 8-3-18 of the Illinois Municipal Code.
32 (Source: P.A. 87-17; 87-477; 87-895; 88-389; 88-455; 88-657,
33 eff. 1-1-95; 88-670, eff. 12-2-94; 89-561, eff. 1-1-97.)