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92_SB0022ham010
LRB9201505SMcdam
1 AMENDMENT TO SENATE BILL 22
2 AMENDMENT NO. . Amend Senate Bill 22, AS AMENDED, by
3 replacing the title with the following:
4 "AN ACT in relation to taxes."; and
5 by replacing everything after the enacting clause with the
6 following:
7 "Section 5. The Property Tax Code is amended by adding
8 Section 18-181 as follows:
9 (35 ILCS 200/18-181 new)
10 Sec. 18-181. Abatement for newly-constructed base load
11 electric generating stations. Any taxing district that has
12 an assessed valuation for the year 2000, as equalized by the
13 Department of Revenue, that is at least 15% less than its
14 assessed valuation for the year 1999 may, upon a majority
15 vote of its governing authority, contract with the owner of a
16 base load electric generating station with a generating
17 capacity of at least 1,000 megawatts newly-constructed within
18 the taxing district for the abatement of the station's taxes
19 for a period not to exceed 20 years so long as the equalized
20 assessed valuation of the newly-constructed base load
21 electric generating station is equal to or greater than
-2- LRB9201505SMcdam
1 $150,000,000. The abatement may not exceed, over the 20-year
2 term of the contract, 37 1/2% of the taxing district's
3 aggregate taxes from the newly-constructed base load electric
4 generating station.
5 The contract is not effective unless it contains
6 provisions requiring the owner of the newly-constructed base
7 load electric generating station to repay to the taxing
8 district all amounts previously abated, together with
9 interest computed at the rate and in the manner provided for
10 delinquent taxes, in the event that the owner of the
11 newly-constructed base load electric generating station
12 closes the station before the expiration of the contract
13 period.
14 The authorization of taxing districts to contract under
15 this Section shall not apply to any electric generating
16 station with an equalized assessed valuation less than
17 $150,000,000. The authorization of taxing districts to
18 contract under this Section expires on January 1, 2002.
19 Section 99. Effective date. This Act takes effect upon
20 becoming law.".