Bill Text: IL HB0159 | 2017-2018 | 100th General Assembly | Engrossed


Bill Title: Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning the earned income tax credit.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Engrossed) 2017-05-23 - Placed on Calendar Order of 2nd Reading May 24, 2017 [HB0159 Detail]

Download: Illinois-2017-HB0159-Engrossed.html



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1 AN ACT concerning revenue.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Property Tax Code is amended by adding
5Section 10-705 as follows:
6 (35 ILCS 200/10-705 new)
7 Sec. 10-705. Keystone property.
8 (a) For the purposes of this Section:
9 "Base year" means the last tax year prior to the date
10 of the application during which the property was occupied
11 and assessed and taxes were collected.
12 "Tax year" means the calendar year for which assessed
13 value is determined as of January 1 of that year.
14 "Keystone property" means property that has had a
15 distinguished past and is a prominent property in the
16 Village of Park Forest, a home rule municipality in both
17 Cook and Will Counties, but is not of historical
18 significance or landmark status and meets the following
19 criteria:
20 (1) the property contains an existing industrial
21 structure consisting of more than 100,000 square feet;
22 (2) the property is located on a lot, parcel, or
23 tract of land that is more than 5 acres in area;

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1 (3) the industrial structure was originally built
2 more than 30 years prior to the date of the
3 application;
4 (4) the property has been vacant for a period of
5 more than 5 consecutive years immediately prior to the
6 date of the application; and
7 (5) the property is not located in a tax increment
8 financing district as of the date of the application.
9 (b) Beginning on July 1, 2017 and ending on July 1, 2029,
10owners of real property may apply with the municipality in
11which the property is located to have the property designated
12as keystone property. If the property meets the criteria for
13keystone property set forth in subsection (a), then the
14corporate authorities of the municipality may certify the
15property as keystone property for the purposes of promoting
16rehabilitation of vacant property and fostering job creation in
17the fields of manufacturing and research and development. The
18certification shall be transmitted to the chief county
19assessment officer as soon as possible after the property is
20certified.
21 (c) Beginning with the first tax year after the property is
22certified as keystone property and continuing through the
23twelfth tax year after the property is certified as keystone
24property, for the purpose of taxation under this Code, the
25property shall be valued at 33 1/3% of the fair cash value of
26the land, without regard to buildings, structures,

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1improvements, and other permanent fixtures located on the
2property. For the first 3 tax years after the property is
3certified as keystone property, the aggregate tax liability for
4the property shall be no greater than $75,000. That aggregate
5tax liability, once collected, shall be distributed to the
6taxing districts in which the property is located according to
7each taxing district's proportionate share of that aggregate
8liability. Beginning with the fourth tax year after the
9property is certified as keystone property and continuing
10through the twelfth tax year after the property is certified as
11keystone property, the property's tax liability for each taxing
12district in which the property is located shall be increased
13over the tax liability for the preceding year by the percentage
14increase, if any, in the total equalized assessed value of all
15property in the taxing district.
16 Section 99. Effective date. This Act takes effect upon
17becoming law.
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