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| Public Act 098-0702 | ||||
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AN ACT concerning revenue.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Property Tax Code is amended by adding | ||||
Division 19 to Article 10 as follows: | ||||
(35 ILCS 200/Art. 10 Div. 19 heading new) | ||||
DIVISION 19. QUALIFIED COMMERCIAL AND INDUSTRIAL PROPERTY | ||||
(35 ILCS 200/10-700 new) | ||||
Sec. 10-700. Qualified commercial and industrial property; | ||||
tornado disaster. Notwithstanding any other provision of law, | ||||
each qualified parcel of commercial or industrial property | ||||
owned and used by a small business shall be valued at the | ||||
lesser of (i) its modified equalized assessed value or (ii) 33 | ||||
1/3% of its fair cash value or, in the case of property located | ||||
in a county that classifies property for purposes of taxation | ||||
in accordance with Section 4 of Article IX of the Constitution, | ||||
the percentage of fair cash value as required by county | ||||
ordinance. The method of valuation under this Section shall | ||||
continue until there is a change in use or ownership of the | ||||
property or until the fifteenth taxable year after the tornado | ||||
disaster occurs, whichever occurs first. In order to qualify | ||||
for valuation under this Section, the structure must be rebuilt | ||||
within 2 years after the date of the tornado disaster, and the | ||
square footage of the rebuilt structure may not be more than | ||
110% of the square footage of the original structure as it | ||
existed immediately prior to the tornado disaster. | ||
"Base year" means the taxable year prior to the taxable | ||
year in which the tornado disaster occurred. | ||
"Modified equalized assessed value" means: | ||
(1) in the first taxable year after the tornado | ||
disaster occurs, the equalized assessed value of the | ||
property for the base year; and | ||
(2) in the second taxable year after the tornado | ||
disaster occurs and thereafter, the modified equalized | ||
assessed value of the property for the previous taxable | ||
year, increased by 4%. | ||
"Tornado disaster" means an occurrence of widespread or | ||
severe damage or loss of property resulting from a tornado or | ||
combination of tornadoes that has been proclaimed as a natural | ||
disaster by the Governor or the President of the United States. | ||
"Qualified parcel of property" means property that (i) is | ||
owned and used exclusively for commercial or industrial | ||
purposes by a small business and (ii) has been rebuilt | ||
following a tornado disaster occurring in taxable year 2013 or | ||
any taxable year thereafter. | ||
"Small business" means a business that employs fewer than | ||
50 full-time employees.
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Section 99. Effective date. This Act takes effect upon | ||
becoming law. | ||