[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
91_SB0514
LRB9103576PTpk
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 $4,000,000.; 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- LRB9103576PTpk
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 that expands a facility or its number of
6 employees. The abatement shall not exceed a period
7 of 10 years and the aggregate amount of abated taxes
8 for all taxing districts combined shall not exceed
9 $4,000,000. The abatement period may be renewed at
10 the option of the taxing districts.
11 (2) Horse racing. Any property in the taxing
12 district which is used for the racing of horses and upon
13 which capital improvements consisting of expansion,
14 improvement or replacement of existing facilities have
15 been made since July 1, 1987. The combined abatements
16 for such property from all taxing districts in any county
17 shall not exceed $5,000,000 annually and shall not exceed
18 a period of 10 years.
19 (3) Auto racing. Any property designed exclusively
20 for the racing of motor vehicles. Such abatement shall
21 not exceed a period of 10 years.
22 (4) Academic or research institute. The property
23 of any academic or research institute in the taxing
24 district that (i) is an exempt organization under
25 paragraph (3) of Section 501(c) of the Internal Revenue
26 Code, (ii) operates for the benefit of the public by
27 actually and exclusively performing scientific research
28 and making the results of the research available to the
29 interested public on a non-discriminatory basis, and
30 (iii) employs more than 100 employees. An abatement
31 granted under this paragraph shall be for at least 15
32 years and the aggregate amount of abated taxes for all
33 taxing districts combined shall not exceed $5,000,000.
34 (5) Housing for older persons. Any property in the
-3- LRB9103576PTpk
1 taxing district that is devoted exclusively to affordable
2 housing for older households. For purposes of this
3 paragraph, "older households" means those households (i)
4 living in housing provided under any State or federal
5 program that the Department of Human Rights determines is
6 specifically designed and operated to assist elderly
7 persons and is solely occupied by persons 55 years of age
8 or older and (ii) whose annual income does not exceed 80%
9 of the area gross median income, adjusted for family
10 size, as such gross income and median income are
11 determined from time to time by the United States
12 Department of Housing and Urban Development. The
13 abatement shall not exceed a period of 15 years, and the
14 aggregate amount of abated taxes for all taxing districts
15 shall not exceed $3,000,000.
16 (b) Upon a majority vote of its governing authority, any
17 municipality may, after the determination of the assessed
18 valuation of its property, order the county clerk to abate
19 any portion of its taxes on any property that is located
20 within the corporate limits of the municipality in accordance
21 with Section 8-3-18 of the Illinois Municipal Code.
22 (Source: P.A. 89-561, eff. 1-1-97; 90-46, eff. 7-3-97;
23 90-415, eff. 8-15-97; 90-568, eff. 1-1-99; 90-655, eff.
24 7-30-98.)