Bill Text: IL HB4248 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Eminent Domain Act. Provides that when calculating the fair cash market value of a business property, the value shall include any positive revenue the property would generate for the business during a 10-year period, as evidenced by the business's tax returns. Requires the prospective beneficiary to submit an affidavit describing (i) the current cash value of the property, (ii) the current cash flow generated by the property, if any, and (iii) the expected cash flow to be generated by the property at a point 5 years forward. Provides that if a prospective beneficiary is admitted to the program, the beneficiary or the beneficiary's sucessor-in-interest shall refile an affidavit describing the current cash value and cash flow of the property. Provides that if an affidavit is filed in bad faith, the filer is subject to penalties and interest equivalent to what the filer would have owed in the case of underpayment of income taxes in the same amount at the same point in time.

Sponsorship: Partisan Bill (Republican 1)

Status: (Failed) 2025-01-07 - Session Sine Die [HB4248 Detail]

Download: Illinois-2023-HB4248-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4248 Introduced , by Rep. Jed Davis SYNOPSIS AS INTRODUCED:
735 ILCS 30/10-5-60 was 735 ILCS 5/7-121
Amends the Eminent Domain Act. Provides that when calculating the fair cash market value of a business property, the value shall include any positive revenue the property would generate for the business during a 10-year period, as evidenced by the business's tax returns. Requires the prospective beneficiary to submit an affidavit describing (i) the current cash value of the property, (ii) the current cash flow generated by the property, if any, and (iii) the expected cash flow to be generated by the property at a point 5 years forward. Provides that if a prospective beneficiary is admitted to the program, the beneficiary or the beneficiary's sucessor-in-interest shall refile an affidavit describing the current cash value and cash flow of the property. Provides that if an affidavit is filed in bad faith, the filer is subject to penalties and interest equivalent to what the filer would have owed in the case of underpayment of income taxes in the same amount at the same point in time.
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A BILL FOR
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AN ACT concerning civil law.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Eminent Domain Act is amended by changing
Section 10-5-60 as follows:
(735 ILCS 30/10-5-60) (was 735 ILCS 5/7-121)
Sec. 10-5-60. Value. Except as to property designated as
possessing a special use, the fair cash market value of
property in a proceeding in eminent domain shall be the amount
of money that a purchaser, willing, but not obligated, to buy
the property, would pay to an owner willing, but not obliged,
to sell in a voluntary sale.
When calculating the fair cash market value of a business
property, the value shall include any positive revenue the
property would generate for the business during a 10-year
period, as evidenced by the business's tax returns. The
prospective beneficiary shall submit an affidavit describing,
under penalty of perjury, (i) the current cash value of the
property, (ii) the current cash flow generated by the
property, if any, and (iii) the expected cash flow to be
generated by the property at a point 5 years forward. If a
prospective beneficiary is admitted to the program, the
beneficiary or the beneficiary's sucessor-in-interest shall

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refile an affidavit describing the current cash value and cash
flow of the property. If the 2 numbers match, the benefit is
good. If the numbers do not match, a make-up payment must be
made to reflect the changed value of the property from what the
parties believed it was when the eminent domain took place. If
an affidavit is filed in bad faith, the filer is subject to
penalties and interest equivalent to what the filer would have
owed in the case of underpayment of income taxes in the same
amount at the same point in time.
For the acquisition or damaging of property under the
O'Hare Modernization Act, the amount shall be determined as of
the date of filing the complaint to condemn. For the
acquisition of other property, the amount shall be determined
and ascertained as of the date of filing the complaint to
condemn, except that:
(i) in the case of property not being acquired under
Article 20 (quick-take), if the trial commences more than
2 years after the date of filing the complaint to condemn,
the court may, in the interest of justice and equity,
declare a valuation date no sooner than the date of filing
the complaint to condemn and no later than the date of
commencement of the trial; and
(ii) in the case of property that is being acquired
under Article 20 (quick-take), if the trial commences more
than 2 years after the date of filing the complaint to
condemn, the court may, in the interest of justice and

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