Bill Amendment: IL SB1379 | 2019-2020 | 101st General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: PROP TX-INCOME PRODUCING PROP
Status: 2021-01-13 - Session Sine Die [SB1379 Detail]
Download: Illinois-2019-SB1379-Senate_Amendment_002.html
Bill Title: PROP TX-INCOME PRODUCING PROP
Status: 2021-01-13 - Session Sine Die [SB1379 Detail]
Download: Illinois-2019-SB1379-Senate_Amendment_002.html
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1 | AMENDMENT TO SENATE BILL 1379
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2 | AMENDMENT NO. ______. Amend Senate Bill 1379, AS AMENDED, | ||||||
3 | by replacing everything after the enacting clause with the | ||||||
4 | following:
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5 | "Section 5. The Property Tax Code is amended by adding | ||||||
6 | Division 6 to Article 9 as follows:
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7 | (35 ILCS 200/Art. 9 Div. 6 heading new) | ||||||
8 | Division 6. Income-Producing Property | ||||||
9 | (35 ILCS 200/9-280 new) | ||||||
10 | Sec. 9-280. Definitions. As used in this Article: | ||||||
11 | "Income and expense data" means annual reports or documents | ||||||
12 | created in the ordinary course of business documenting income | ||||||
13 | generated from and expenses associated with income-producing | ||||||
14 | property. The term "income and expense data" includes Internal | ||||||
15 | Revenue Service Schedule E or Schedule 8825 tax forms, annual |
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1 | reports, rent rolls, and certified or uncertified annual income | ||||||
2 | and expense statements reflecting revenue and costs | ||||||
3 | attributable to the property for the current and immediately | ||||||
4 | preceding calendar year. | ||||||
5 | "Income-producing property" means property that is not | ||||||
6 | exclusively owner-occupied property and is owned for the | ||||||
7 | purpose of generating income from the property itself, whether | ||||||
8 | or not that property actually generates income in a particular | ||||||
9 | year, and includes hotels and motels, parking garages and lots, | ||||||
10 | senior and adult care facilities, and self-storage facilities, | ||||||
11 | but does not include: | ||||||
12 | (1) property with an assessed value of $100,000 or less | ||||||
13 | in the most recent assessment year; | ||||||
14 | (2) residential property containing 6 or fewer | ||||||
15 | dwelling units; | ||||||
16 | (3) property assessed as a farm under Section 10-110 of | ||||||
17 | this Code and improvements or dwellings located on | ||||||
18 | farmland; or | ||||||
19 | (4) property that is assessed by the Department under | ||||||
20 | Article 11 of this Code. | ||||||
21 | "Owner-occupied property" means property that is occupied | ||||||
22 | by the owner of the property or by a related person or entity, | ||||||
23 | as described in subsection (b) of Section 267 of the Internal | ||||||
24 | Revenue Code. | ||||||
25 | "Taxpayer" means the person responsible for paying | ||||||
26 | property taxes on the property or his or her designee. |
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1 | "Property" has the meaning set forth in Section 1-130 of | ||||||
2 | this Code and includes contiguous parcels or property index | ||||||
3 | numbers that comprise one functional property location.
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4 | (35 ILCS 200/9-281 new) | ||||||
5 | Sec. 9-281. Income-producing properties. | ||||||
6 | (a) In counties with 3,000,000 or more inhabitants, | ||||||
7 | taxpayers of income-producing property shall submit income and | ||||||
8 | expense data annually to the chief county assessment officer on | ||||||
9 | or before July 1 of each year. If a taxpayer is required to | ||||||
10 | submit income and expense data under this Article, the chief | ||||||
11 | county assessment officer shall notify the taxpayer of that | ||||||
12 | fact along with the deadline for the submission of that data. | ||||||
13 | The chief county assessment officer may extend the time within | ||||||
14 | which taxpayers are required to submit income and expense data | ||||||
15 | under this Section for good cause shown in accordance with | ||||||
16 | rules adopted under this Section. | ||||||
17 | If federal tax forms are not complete or available for the | ||||||
18 | most recent tax year by the deadline for the submission of | ||||||
19 | income and expense data under this Section, the taxpayer shall | ||||||
20 | submit federal tax forms for the most recent taxable year for | ||||||
21 | which returns have been filed for the property in question and | ||||||
22 | submit current federal tax forms upon their completion and | ||||||
23 | filing with the Internal Revenue Service. | ||||||
24 | Taxpayers shall certify under oath in a signed attestation | ||||||
25 | that the income and expense data submitted is true, accurate, |
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1 | and complete. | ||||||
2 | (b) In counties with fewer than 3,000,000 inhabitants, the | ||||||
3 | county board may provide by resolution that taxpayers of | ||||||
4 | income-producing property shall submit income and expense data | ||||||
5 | annually to the chief county assessment officer on or before | ||||||
6 | March 30 of each year. If a taxpayer is required to submit | ||||||
7 | income and expense data under this Article, the chief county | ||||||
8 | assessment officer shall notify the taxpayer of that fact along | ||||||
9 | with the deadline for the submission of that data. The chief | ||||||
10 | county assessment officer may extend the time within which | ||||||
11 | taxpayers are required to submit income and expense data under | ||||||
12 | this Section for good cause shown in accordance with rules | ||||||
13 | adopted under this Section. | ||||||
14 | If federal tax forms are not complete or available for the | ||||||
15 | most recent tax year by the deadline for the submission of | ||||||
16 | income and expense data under this Section, the taxpayer shall | ||||||
17 | submit federal tax forms for the most recent taxable year for | ||||||
18 | which returns have been filed for the property in question and | ||||||
19 | submit current federal tax forms upon their completion and | ||||||
20 | filing with the Internal Revenue Service. | ||||||
21 | Taxpayers shall certify under oath in a signed attestation | ||||||
22 | that the income and expense data submitted is true, accurate, | ||||||
23 | and complete. | ||||||
24 | (c) The chief county assessment officer of (i) a county | ||||||
25 | with 3,000,000 or more inhabitants or (ii) a county that has | ||||||
26 | adopted by resolution under the provisions of subsection (b) |
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1 | shall establish rules regarding the submission of income and | ||||||
2 | expense data and the administration of this Section in the | ||||||
3 | county. Income and expense data may be submitted in electronic | ||||||
4 | form. | ||||||
5 | (d) If a taxpayer fails to submit income and expense data | ||||||
6 | as required under this Section, or as required after the | ||||||
7 | adoption of a resolution under this Section, within the time | ||||||
8 | prescribed, or within an extended period as permitted by the | ||||||
9 | chief county assessment officer, the assessor shall send notice | ||||||
10 | to the taxpayer of the failure to comply. If the taxpayer fails | ||||||
11 | to submit the required data within 60 days after such notice is | ||||||
12 | sent, the taxpayer shall pay a penalty to the chief county | ||||||
13 | assessment officer of 0.05% of the prior year's market value, | ||||||
14 | as indicated by the most recent certified assessed value for | ||||||
15 | the property at issue, but in no case shall the taxpayer be | ||||||
16 | obligated to pay more than $100,000 per property. | ||||||
17 | A taxpayer may contest the penalty and requirement to | ||||||
18 | report income and expense data in a particular year and submit | ||||||
19 | evidence to the chief county assessment officer in support of | ||||||
20 | the contention that income and expense data was not required to | ||||||
21 | be submitted or that the submission of income and expense data | ||||||
22 | complies with this requirement based on available | ||||||
23 | documentation. The chief county assessment officer shall | ||||||
24 | review the taxpayer's submission and determine whether the | ||||||
25 | taxpayer provided sufficient evidence indicating that the | ||||||
26 | taxpayer was not required to report income and expense data or |
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1 | that the submission complies based on available documentation. | ||||||
2 | If a taxpayer is dissatisfied with a decision of the chief | ||||||
3 | county assessment officer, a taxpayer may request review of | ||||||
4 | that decision. Upon such a request, at least 30-days' notice | ||||||
5 | shall be provided to the taxpayer of a hearing to be conducted | ||||||
6 | by a hearing officer designated by the chief county assessment | ||||||
7 | officer. If a taxpayer is unsuccessful at hearing, the penalty | ||||||
8 | shall bear interest at 0.05% per month. | ||||||
9 | The State's Attorney of the county in which the property is | ||||||
10 | located shall have power to act on behalf of the people and the | ||||||
11 | chief county assessment officer to initiate or enforce the | ||||||
12 | provisions of this Section, including the power to compel by | ||||||
13 | subpoena the production of taxpayer income and expense data | ||||||
14 | that is required to be produced under this Section. | ||||||
15 | (e) Penalties and interest collected by the chief county | ||||||
16 | assessment officer under this Section for a taxpayer's failure | ||||||
17 | to timely submit income and expense data shall be collected in | ||||||
18 | the same manner as other fees collected by the chief county | ||||||
19 | assessment officer. Such revenue shall be deposited with the | ||||||
20 | county treasurer in the county general fund of the county in | ||||||
21 | which the property is located, with 75% of the revenue to be | ||||||
22 | used for the benefit of the office of the chief county | ||||||
23 | assessment officer and 25% to be used for the benefit of the | ||||||
24 | county. | ||||||
25 | (f) Any personal data such as federal identification or | ||||||
26 | social security numbers and income tax forms that are included |
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1 | in income and expense data produced under this Section shall be | ||||||
2 | deemed private information and exempt from disclosure under the | ||||||
3 | Freedom of Information Act. Non-personal income and expense | ||||||
4 | data shall not be subject to disclosure in accordance with the | ||||||
5 | Freedom of Information Act or other applicable law. Nothing in | ||||||
6 | this Section prohibits a chief county assessment officer from | ||||||
7 | disclosing compiled and anonymized income and expense data. | ||||||
8 | Data that is compiled and anonymized shall not indicate | ||||||
9 | individual property characteristics in a manner that reveals | ||||||
10 | the identity of individual properties. | ||||||
11 | (g) All information received by the chief county assessment | ||||||
12 | officer from income and expense data filed under this Article | ||||||
13 | shall be used only for official purposes. Any person who | ||||||
14 | divulges income and expense data submitted under this Article, | ||||||
15 | other than as permitted in this Article, in accordance with a | ||||||
16 | proper judicial order, or as otherwise provided by law, shall | ||||||
17 | be guilty of a Class B misdemeanor and subject to a fine not to | ||||||
18 | exceed $7,500.
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19 | Section 99. Effective date. This Act takes effect upon | ||||||
20 | becoming law.".
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