Bill Text: IL HB2790 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Creates the Economic Development Property Tax Grant Program Act. Provides that the Department of Commerce and Economic Opportunity shall award property tax grants to each business that (i) is an approved applicant under the Invest in Illinois Act, the Economic Development for a Growing Economy Tax Credit Act, the Manufacturing Illinois Chips for Real Opportunity (MICRO) Act, or the Reimagining Electric Vehicles in Illinois Act and (ii) owns property in an underserved area. Sets forth the amount of the grants. Effective immediately.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2023-03-10 - Rule 19(a) / Re-referred to Rules Committee [HB2790 Detail]

Download: Illinois-2023-HB2790-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2790 Introduced , by Rep. William "Will" Davis SYNOPSIS AS INTRODUCED:
New Act
Creates the Economic Development Property Tax Grant Program Act. Provides that the Department of Commerce and Economic Opportunity shall award property tax grants to each business that (i) is an approved applicant under the Invest in Illinois Act, the Economic Development for a Growing Economy Tax Credit Act, the Manufacturing Illinois Chips for Real Opportunity (MICRO) Act, or the Reimagining Electric Vehicles in Illinois Act and (ii) owns property in an underserved area. Sets forth the amount of the grants. Effective immediately.
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A BILL FOR
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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 1. Short title. This Act may be cited as the
Economic Development Property Tax Grant Program Act.
Section 5. Definitions. As used in this Act:
"Base year property taxes" means the amount of property
taxes billed for the subject parcels in the year before the
year in which real property capital improvements are placed in
service.
"Current year property taxes" means the amount of property
taxes billed for the subject parcels in the year for which the
grant is awarded.
"Department" means the Department of Commerce and Economic
Opportunity.
"Qualified property" means property that is owned by a
business that is eligible for a grant under this Act and that
is located in an underserved area.
"Underserved area" has the meaning given to that term in
Section 5-5 of the Economic Development for a Growing Economy
Tax Credit Act.
Section 10. Property tax grants.

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(a) In addition to any other incentives provided by law,
the Department shall award property tax grants to each
business that (i) is an approved applicant under the Invest in
Illinois Act, the Economic Development for a Growing Economy
Tax Credit Act, the Manufacturing Illinois Chips for Real
Opportunity (MICRO) Act, or the Reimagining Electric Vehicles
in Illinois Act and (ii) is located in an underserved area.
Eligible businesses shall receive grants under this Act for
qualified property beginning with the first year in which the
real property capital improvements that are placed in service
by the approved applicant result in an increased real property
assessment and increased property taxes over the base year
property taxes.
(b) For the first 5 years in which the applicant is
eligible for a grant under this Section with respect to a
specific qualified property, the amount of the grant shall be
100% of the difference between the current year property taxes
for the property and the base year property taxes for the
property. For the sixth through the tenth years in which the
applicant is eligible for a grant under this Section with
respect to a specific qualified property, the amount of the
grant shall be as follows:
(1) in year 6, 90% of the difference between the
current year property taxes and the base year property
taxes;
(2) in year 7, 80% of the difference between the

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current year property taxes and the base year property
taxes;
(3) in year 8, 70% of the difference between the
current year property taxes and the base year property
taxes;
(4) in year 9, 60% of the difference between the
current year property taxes and the base year property
taxes; and
(5) in year 10, 50% of the difference between the
current year property taxes and the base year property
taxes.
Section 15. Funding. Grants under this Act may be awarded
from any source that may be used to make grants under the
Invest in Illinois Act.
Section 20. Rules. The Department shall adopt rules for
the implementation of this Act.
Section 99. Effective date. This Act takes effect upon
becoming law.