IL SB1905 | 2023-2024 | 103rd General Assembly
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 9 2023 - 25% progression
Action: 2023-02-09 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 9 2023 - 25% progression
Action: 2023-02-09 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that "redevelopment project costs" include the costs of demolishing buildings, site preparation, or site improvements of a dilapidated or vacant parcel zoned for residential use or costs of reconstruction, repair, remodeling, or new construction of a single-family residence on a dilapidated or vacant parcel zoned for residential use. Amends the Property Tax Code. Provides that a municipality, upon adoption of an ordinance or resolution by majority vote of its corporate authorities, may order the county clerk to abate, for 20 years, the portion of the taxes levied upon an improved parcel of real property that is attributable to the increase in the current equalized assessed valuation of the parcel over and above the equalized assessed valuation of the parcel immediately before the demolition of the dilapidated structure on the parcel. Provides that "improved parcel of real property" means a parcel where redevelopment project costs have been used by the municipality for the construction of a new single-family residence on a parcel zoned for residential use after demolition or removal of a dilapidated structure from that parcel. Provides that an abatement approved under the provisions shall be extended to all subsequent owners of the improved parcel of real property during the abatement period.
Title
MUNI-TIF-BLIGHTED HOMES
Sponsors
Sen. Chapin Rose [R] |
History
Date | Chamber | Action |
---|---|---|
2023-02-09 | Senate | Referred to Assignments |
2023-02-09 | Senate | First Reading |
2023-02-09 | Senate | Filed with Secretary by Sen. Chapin Rose |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
35 | 200 | 18-182 | New Code | See Bill Text |
65 | 5 | 11-74.4-3 | Amended Code | Citation Text |
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1905&GAID=17&DocTypeID=SB&SessionID=112&GA=103 |
Text | https://www.ilga.gov/legislation/103/SB/10300SB1905.htm |