IL HB4248 | 2023-2024 | 103rd General Assembly

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on November 29 2023 - 25% progression
Action: 2024-01-16 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Eminent Domain Act. Provides that when calculating the fair cash market value of a business property, the value shall include any positive revenue the property would generate for the business during a 10-year period, as evidenced by the business's tax returns. Requires the prospective beneficiary to submit an affidavit describing (i) the current cash value of the property, (ii) the current cash flow generated by the property, if any, and (iii) the expected cash flow to be generated by the property at a point 5 years forward. Provides that if a prospective beneficiary is admitted to the program, the beneficiary or the beneficiary's sucessor-in-interest shall refile an affidavit describing the current cash value and cash flow of the property. Provides that if an affidavit is filed in bad faith, the filer is subject to penalties and interest equivalent to what the filer would have owed in the case of underpayment of income taxes in the same amount at the same point in time.

Tracking Information

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Title

EMINENT DOMAIN-VALUE-BUSINESS

Sponsors


History

DateChamberAction
2024-01-16HouseReferred to Rules Committee
2024-01-16HouseFirst Reading
2023-11-29HouseFiled with the Clerk by Rep. Jed Davis

Code Citations

ChapterArticleSectionCitation TypeStatute Text
7353010-5-60Amended CodeCitation Text
73557-121Amended CodeCitation Text

Illinois State Sources


Bill Comments

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