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| | HB0212 Engrossed | | LRB097 02920 HLH 42944 b |
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1 | | AN ACT concerning local government.
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2 | | Be it enacted by the People of the State of Illinois,
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3 | | represented in the General Assembly:
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4 | | Section 5. The Property Tax Code is amended by adding |
5 | | Section 18-184.10 as follows:
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6 | | (35 ILCS 200/18-184.10 new) |
7 | | Sec. 18-184.10. Business corridors; abatement. |
8 | | (a) The county clerk shall abate property taxes levied by |
9 | | an affected taxing district on property that meets the |
10 | | following requirements: |
11 | | (1) the property does not qualify as exempt property |
12 | | under Section 15-95 of this Code; and |
13 | | (2) the property is situated in a business corridor |
14 | | created by intergovernmental agreement between 2 adjoining |
15 | | disadvantaged municipalities. |
16 | | (b) A business corridor created under this Section shall |
17 | | encompass only territory along the common border of the |
18 | | municipalities that is (i) undeveloped or underdeveloped and |
19 | | (ii) not likely to be developed without the creation of the |
20 | | business corridor. |
21 | | The intergovernmental agreement shall specify the |
22 | | territory to be included in the business corridor. The |
23 | | agreement shall also provide for the percentage amount and |