Senate Sponsors: PHILIP. Short description: STATE TREASURER-TECH Synopsis of Bill as introduced: Amends the State Treasurer Act. Makes a grammatical change in the Section regarding bond. SENATE AMENDMENT NO. 1. Deletes reference to: 15 ILCS 505/1 Adds reference to: New Act Deletes everything. Creates the Banking Development District Act. Provides for a system of tax abatements for real property used for banks located within banking development zones. Provides that the Treasurer, in consultation with the Office of Banks and Real Estate, must promulgate rules setting forth the criteria for the establishment of banking development districts. Provides procedures by which local governments, in conjunction with banks, can establish banking development zones. Provides procedures for calculating and applying for tax abatements. Effective immediately. SENATE AMENDMENT NO. 2. Adds reference to: 35 ILCS 200/18-167 new Deletes everything. Reinserts the provisions of Senate Amendment No. 1 but makes numerous changes. Creates the banking development district program to encourage the establishment of banking branches in locations where there is a demonstrated need for banking services. Requires the State Treasurer, in consultation with the Office of Banks and Real Estate, to adopt rules that set forth criteria for the establishment of banking development districts. Provides that a municipality or a county, in conjunction with a bank, may apply to the State Treasurer to have property designated as a banking development district. Amends the Property Tax Code. Provides that a taxing district may order the county clerk to abate a portion of the increase in property taxes imposed by the taxing district on property that is improved for use as a banking branch in an area designated as a banking development district. Provides that the abatement shall last for 10 years and that the county clerk shall abate 50% of the increased taxes as a result of the improvement in the first year of the abatement and that the abatement amount shall decrease in 5% intervals for each of the succeeding 9 years of the abatement period. Authorizes a taxing district to abate taxes imposed by the taxing district on property used as a banking branch that is already in existence at the time the banking development district is established in the amount determined by the taxing district. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 2 END OF INQUIRY Full Text Bill Status