IL HB5071 | 2019-2020 | 101st General Assembly

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 13 2020 - 25% progression
Action: 2020-02-18 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Property Tax Code. Provides for property tax incentives for newly-constructed or rehabilitated rental property if the owner of the residential real property commits that, for a period of 10 years, at least 20% of the multifamily building's units will have rents that are at or below maximum rents and are occupied by households with household incomes at or below maximum income limits. Provides that the chief county assessment officer of a county with 3,000,000 or more inhabitants shall establish such a program, and the chief county assessment officer of a county with less than 3,000,000 inhabitants shall establish such a program upon passage of an ordinance by a majority vote of the county board. Sets forth application requirements and the amount of the reduction. Effective immediately.

Tracking Information

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Title

PROP TX-AFFORDABLE HOUSING

Sponsors


History

DateChamberAction
2020-02-18HouseReferred to Rules Committee
2020-02-18HouseFirst Reading
2020-02-13HouseFiled with the Clerk by Rep. Emanuel Chris Welch

Code Citations

ChapterArticleSectionCitation TypeStatute Text
3520015-178New CodeSee Bill Text

Illinois State Sources


Bill Comments

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