Bill Text: IL HB3841 | 2019-2020 | 101st General Assembly | Introduced
Bill Title: Amends the Property Tax Code. Provides that a Section concerning low-income housing project valuation also applies to residential property that is rented to a formerly incarcerated person. Effective immediately.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2019-05-22 - Referred to Rules Committee [HB3841 Detail]
Download: Illinois-2019-HB3841-Introduced.html
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1 | AN ACT concerning revenue.
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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 changing | ||||||||||||||||||||||||
5 | Section 10-235 as follows:
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6 | (35 ILCS 200/10-235)
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7 | Sec. 10-235. Low-income housing project valuation policy;
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8 | intent. It is the policy of this State that (i) low-income | ||||||||||||||||||||||||
9 | housing projects
developed under Section 515 of the federal | ||||||||||||||||||||||||
10 | Housing Act , (ii) property that qualifies or that qualify for | ||||||||||||||||||||||||
11 | the low-income housing tax credit under Section 42 of the
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12 | Internal Revenue Code , and (iii) residential property that is | ||||||||||||||||||||||||
13 | rented to a formerly incarcerated person shall be valued at 33 | ||||||||||||||||||||||||
14 | and
one-third percent of the fair market value of their | ||||||||||||||||||||||||
15 | economic productivity
to the owners of the projects to help | ||||||||||||||||||||||||
16 | insure that their valuation for
property taxation does not | ||||||||||||||||||||||||
17 | result in taxes so high that rent levels
must be raised to | ||||||||||||||||||||||||
18 | cover this project expense, which can cause excess
vacancies, | ||||||||||||||||||||||||
19 | project loan defaults, and eventual loss of rental housing
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20 | facilities for those most in need of them, low-income families | ||||||||||||||||||||||||
21 | and the
elderly. It is the intent of this State that the | ||||||||||||||||||||||||
22 | valuation required by
this Division is the closest | ||||||||||||||||||||||||
23 | representation of cash value required by law
and is the method |
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1 | established as proper and fair.
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2 | As used in this Section "formerly incarcerated person" | ||||||
3 | means a person who (i) has been convicted of, or pled guilty | ||||||
4 | to, a crime in this State or any other jurisdiction and (ii) | ||||||
5 | was sentenced to a term of
imprisonment in a penitentiary for | ||||||
6 | one year or more. | ||||||
7 | (Source: P.A. 92-16, eff. 6-28-01; 93-533, eff. 1-1-04; 93-755, | ||||||
8 | eff. 7-16-04.)
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9 | Section 99. Effective date. This Act takes effect upon | ||||||
10 | becoming law.
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