Bill Amendment: IL SB2911 | 2023-2024 | 103rd General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: PROP TX-TIF INCENTIVES
Status: 2024-05-31 - Rule 19(a) / Re-referred to Rules Committee [SB2911 Detail]
Download: Illinois-2023-SB2911-Senate_Amendment_001.html
Bill Title: PROP TX-TIF INCENTIVES
Status: 2024-05-31 - Rule 19(a) / Re-referred to Rules Committee [SB2911 Detail]
Download: Illinois-2023-SB2911-Senate_Amendment_001.html
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1 | AMENDMENT TO SENATE BILL 2911 | ||||||
2 | AMENDMENT NO. ______. Amend Senate Bill 2911 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Property Tax Code is amended by changing | ||||||
5 | Section 30-25 as follows:
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6 | (35 ILCS 200/30-25) | ||||||
7 | Sec. 30-25. Distributions from account. | ||||||
8 | (a) At the direction of the corporate authorities of a | ||||||
9 | taxing district, the treasurer of the taxing district shall | ||||||
10 | disburse the amounts held in the tax reimbursement account. | ||||||
11 | Unless the taxing district has divided the moneys as provided | ||||||
12 | in subsection (b), disbursements shall be made to all of the | ||||||
13 | owners of taxable homestead property within the taxing | ||||||
14 | district. Each owner of taxable homestead property shall | ||||||
15 | receive a proportionate share of the total disbursement based | ||||||
16 | on the amount of ad valorem taxes on taxable homestead |
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1 | property paid by the owner to the taxing district under the | ||||||
2 | most recent tax bill. | ||||||
3 | (b) The corporate authorities of a taxing district may | ||||||
4 | direct the treasurer to divide the moneys deposited into the | ||||||
5 | account into 2 separate pools to be designated the homestead | ||||||
6 | property pool and the commercial or industrial property pool. | ||||||
7 | The amount to be deposited into each pool shall be determined | ||||||
8 | by the corporate authorities of the taxing district, except | ||||||
9 | that at least 50% of the moneys in the account shall be | ||||||
10 | deposited into the homestead property pool. The treasurer | ||||||
11 | shall disburse the amounts held in each pool in the tax | ||||||
12 | reimbursement account at the direction of the corporate | ||||||
13 | authorities. Disbursements from the homestead property pool | ||||||
14 | shall be made to all of the owners of taxable homestead | ||||||
15 | property within the taxing district. Each owner of taxable | ||||||
16 | homestead property shall receive a proportionate share of the | ||||||
17 | total disbursement from the pool based on the amount of ad | ||||||
18 | valorem taxes on taxable homestead property paid by the owner | ||||||
19 | to the taxing district under the most recent tax bill. | ||||||
20 | Disbursements from the commercial or industrial property pool | ||||||
21 | shall be made to all of the owners of taxable commercial or | ||||||
22 | industrial property, except (i) those owners whose property is | ||||||
23 | located within a tax increment financing district , (ii) those | ||||||
24 | owners who received a tax incentive as a result of a tax | ||||||
25 | incentivized development established by an intergovernmental | ||||||
26 | agreement to which the taxing district is a party, or (iii) |
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1 | those owners whose property is classified as an apartment | ||||||
2 | building. Each eligible owner of taxable commercial or | ||||||
3 | industrial property shall receive a proportionate share of the | ||||||
4 | total disbursement from the pool based on the amount of ad | ||||||
5 | valorem taxes on taxable commercial or industrial property | ||||||
6 | paid by the owner to the taxing district under the most recent | ||||||
7 | tax bill. | ||||||
8 | (c) In determining the proportionate share of each owner | ||||||
9 | of homestead property, the numerator shall be the amount of | ||||||
10 | taxes on homestead property paid by that owner to the taxing | ||||||
11 | district under the most recent tax bill, and the denominator | ||||||
12 | shall be the aggregate total of all taxes on homestead | ||||||
13 | property paid by all owners to the taxing district under the | ||||||
14 | most recent tax bills. | ||||||
15 | (d) In determining the proportionate share of each owner | ||||||
16 | of commercial or industrial property, the numerator shall be | ||||||
17 | the amount of taxes on commercial or industrial property paid | ||||||
18 | by that owner to the taxing district under the most recent tax | ||||||
19 | bill, and the denominator shall be the aggregate total of all | ||||||
20 | taxes on commercial or industrial property paid by all owners | ||||||
21 | to the taxing district under the most recent tax bills less | ||||||
22 | taxes paid on commercial or industrial property located in a | ||||||
23 | tax increment financing district , taxes paid on commercial or | ||||||
24 | industrial property for which the owner received a tax | ||||||
25 | incentive as a result of a tax incentivized development | ||||||
26 | established by an intergovernmental agreement to which the |
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1 | taxing district is a party, and taxes paid on an apartment | ||||||
2 | building. | ||||||
3 | (e) As used in this Section: | ||||||
4 | "Qualified redevelopment costs" means costs advanced by a | ||||||
5 | taxing district to a commercial or industrial property owner | ||||||
6 | to promote economic development when, but for the advancement | ||||||
7 | of the funds, the development would not be financially | ||||||
8 | feasible. | ||||||
9 | "Tax incentivized development" means an economic | ||||||
10 | development project established by intergovernmental agreement | ||||||
11 | whereby a taxing district advances qualified redevelopment | ||||||
12 | costs to a commercial or industrial property owner. | ||||||
13 | (Source: P.A. 90-471, eff. 8-17-97.)
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