Bill Text: IL HB5568 | 2013-2014 | 98th General Assembly | Introduced
Bill Title: Amends the Property Tax Code. Provides that each taxing district may, by a majority vote of its governing authority, order the county clerk to abate any portion of its taxes on property that contains a structure operating as a small business if that structure has been rebuilt following a natural disaster occurring in taxable year 2012 or any taxable year thereafter. Defines "small business" to mean a business that employs fewer than 50 full-time employees. Effective immediately.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2014-12-03 - Session Sine Die [HB5568 Detail]
Download: Illinois-2013-HB5568-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 adding | ||||||||||||||||||||||||
5 | Section 18-184.15 as follows:
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6 | (35 ILCS 200/18-184.15 new) | ||||||||||||||||||||||||
7 | Sec. 18-184.15. Natural disaster abatement. | ||||||||||||||||||||||||
8 | (a) Each taxing district may, by a majority vote of its | ||||||||||||||||||||||||
9 | governing authority, order the county clerk to abate any | ||||||||||||||||||||||||
10 | portion of its taxes on property that contains a structure | ||||||||||||||||||||||||
11 | operating as a small business if that structure has been | ||||||||||||||||||||||||
12 | rebuilt following a natural disaster occurring in taxable year | ||||||||||||||||||||||||
13 | 2012 or any taxable year thereafter. To be eligible for an | ||||||||||||||||||||||||
14 | abatement
under this Section: (i) the structure must
be rebuilt | ||||||||||||||||||||||||
15 | within 2 years after the date of the natural disaster; and (ii) | ||||||||||||||||||||||||
16 | the square footage of the rebuilt structure may not be more | ||||||||||||||||||||||||
17 | than 110% of the square footage of the original structure as it | ||||||||||||||||||||||||
18 | existed immediately prior to the natural disaster. | ||||||||||||||||||||||||
19 | (b) To receive the exemption, the taxpayer shall submit an | ||||||||||||||||||||||||
20 | application to the chief county assessment officer of the | ||||||||||||||||||||||||
21 | county in which the property is located by July 1 of each | ||||||||||||||||||||||||
22 | taxable year. A county may, by resolution, establish a date for | ||||||||||||||||||||||||
23 | submission of applications that is different than July 1. The |
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1 | chief county assessment officer may require additional
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2 | documentation to be provided by the applicant. | ||||||
3 | (c) As used in this Section: | ||||||
4 | "Chief county assessment officer" means the County | ||||||
5 | Assessor or Supervisor of
Assessments of the county in which | ||||||
6 | the property is located. | ||||||
7 | "Natural disaster" means an occurrence of widespread or | ||||||
8 | severe damage or loss of property
resulting from any | ||||||
9 | catastrophic cause including but not limited to fire, flood, | ||||||
10 | earthquake, wind, storm, or extended period of severe inclement | ||||||
11 | weather. In the case of a structure affected by flooding, the | ||||||
12 | structure shall not be eligible for this exemption unless it is | ||||||
13 | located within a local
jurisdiction which is participating in | ||||||
14 | the National Flood Insurance Program. A proclamation of | ||||||
15 | disaster by the President of the United States or Governor of | ||||||
16 | the State of Illinois is not a prerequisite to the | ||||||
17 | classification of an occurrence as a natural disaster under | ||||||
18 | this Section. | ||||||
19 | "Small business" means a business that employs fewer than | ||||||
20 | 50 full-time employees.
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21 | Section 99. Effective date. This Act takes effect upon | ||||||
22 | becoming law.
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