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

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

Sponsorship: Partisan Bill (Democrat 2)

Status: (Failed) 2019-01-08 - Session Sine Die [HB0159 Detail]

Download: Illinois-2017-HB0159-Engrossed.html

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

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

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