Bill Text: IL HB1778 | 2017-2018 | 100th General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Creates a homestead exemption of $1,000 for homestead property on which a stormwater retention basin has been constructed during the taxable year. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2019-01-08 - Session Sine Die [HB1778 Detail]

Download: Illinois-2017-HB1778-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 HB1778 Introduced , by Rep. Robert Martwick SYNOPSIS AS INTRODUCED:
35 ILCS 200/15-190 new
Amends the Property Tax Code. Creates a homestead exemption of $1,000 for homestead property on which a stormwater retention basin has been constructed during the taxable year. Effective immediately.
LRB100 07825 HLH 17893 b
FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
HB1778 LRB100 07825 HLH 17893 b
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 15-190 as follows:
(35 ILCS 200/15-190 new)
Sec. 15-190. Homestead exemption for stormwater retention.
Beginning with the 2017 taxable year, an annual homestead
exemption equal to a reduction of $1,000 from the equalized
assessed value of the property is granted for homestead
property, as defined in Section 15-175, on which a stormwater
retention basin has been constructed during the taxable year.
For the purposes of this Section, "stormwater retention basin"
means an impoundment created by a dam or an excavation for the
purpose of storing water and settling sediment and other
pollutants from surface runoff, which is designed to hold a
specific amount of water until the water can evaporate or
infiltrate.
Section 99. Effective date. This Act takes effect upon
becoming law.