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: (Failed) 2019-01-08 - Session Sine Die [HB0159 Detail]
Download: Illinois-2017-HB0159-Engrossed.html
| |||||||
| |||||||
| |||||||
1 | AN ACT concerning revenue.
| ||||||
2 | Be it enacted by the People of the State of Illinois, | ||||||
3 | represented in the General Assembly:
| ||||||
4 | Section 5. The Property Tax Code is amended by adding | ||||||
5 | Section 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; |
| |||||||
| |||||||
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, | ||||||
10 | owners of real property may apply with the municipality in | ||||||
11 | which the property is located to have the property designated | ||||||
12 | as keystone property. If the property meets the criteria for | ||||||
13 | keystone property set forth in subsection (a), then the | ||||||
14 | corporate authorities of the municipality may certify the | ||||||
15 | property as keystone property for the purposes of promoting | ||||||
16 | rehabilitation of vacant property and fostering job creation in | ||||||
17 | the fields of manufacturing and research and development. The | ||||||
18 | certification shall be transmitted to the chief county | ||||||
19 | assessment officer as soon as possible after the property is | ||||||
20 | certified. | ||||||
21 | (c) Beginning with the first tax year after the property is | ||||||
22 | certified as keystone property and continuing through the | ||||||
23 | twelfth tax year after the property is certified as keystone | ||||||
24 | property, for the purpose of taxation under this Code, the | ||||||
25 | property shall be valued at 33 1/3% of the fair cash value of | ||||||
26 | the land, without regard to buildings, structures, |
| |||||||
| |||||||
1 | improvements, and other permanent fixtures located on the | ||||||
2 | property. For the first 3 tax years after the property is | ||||||
3 | certified as keystone property, the aggregate tax liability for | ||||||
4 | the property shall be no greater than $75,000. That aggregate | ||||||
5 | tax liability, once collected, shall be distributed to the | ||||||
6 | taxing districts in which the property is located according to | ||||||
7 | each taxing district's proportionate share of that aggregate | ||||||
8 | liability. Beginning with the fourth tax year after the | ||||||
9 | property is certified as keystone property and continuing | ||||||
10 | through the twelfth tax year after the property is certified as | ||||||
11 | keystone property, the property's tax liability for each taxing | ||||||
12 | district in which the property is located shall be increased | ||||||
13 | over the tax liability for the preceding year by the percentage | ||||||
14 | increase, if any, in the total equalized assessed value of all | ||||||
15 | property in the taxing district.
| ||||||
16 | Section 99. Effective date. This Act takes effect upon | ||||||
17 | becoming law.
|