Bill Text: IL HB5729 | 2017-2018 | 100th General Assembly | Introduced
Bill Title: Amends the Illinois Income Tax Act. Provides that taxpayers that receive a deduction or a credit related to the construction or modification of commercial property located in a municipality of the State shall enter into a community benefits agreement with the municipality in which the property is located. Provides that the taxpayer shall host a public forum prior to entering into the agreement. Provides that the provisions apply to the construction or modification of property commencing on or after January 1, 2019. Effective immediately.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2019-01-08 - Session Sine Die [HB5729 Detail]
Download: Illinois-2017-HB5729-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 Illinois Income Tax Act is amended by adding | ||||||||||||||||||||||||
5 | Section 251 as follows:
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6 | (35 ILCS 5/251 new) | ||||||||||||||||||||||||
7 | Sec. 251. Community benefits agreements. Notwithstanding | ||||||||||||||||||||||||
8 | any other provision of law, if a taxpayer receives a deduction | ||||||||||||||||||||||||
9 | or a credit against the taxes imposed under subsections (a) and | ||||||||||||||||||||||||
10 | (b) of Section 201 of this Act or Article 7 of this Act, and | ||||||||||||||||||||||||
11 | that deduction or credit is related to the construction or | ||||||||||||||||||||||||
12 | modification by the taxpayer of commercial property located in | ||||||||||||||||||||||||
13 | a municipality of the State, then, prior to the start of the | ||||||||||||||||||||||||
14 | construction or modification, the taxpayer shall enter into a | ||||||||||||||||||||||||
15 | community benefits agreement with the municipality in which the | ||||||||||||||||||||||||
16 | property is located. At least 30 days but not more than 60 days | ||||||||||||||||||||||||
17 | before the agreement is entered into, the taxpayer shall host a | ||||||||||||||||||||||||
18 | public forum at which local residents and community groups may | ||||||||||||||||||||||||
19 | offer their input on the proposed agreement. Notice of such a | ||||||||||||||||||||||||
20 | forum shall be published by the taxpayer in a newspaper of | ||||||||||||||||||||||||
21 | general circulation in the municipality not fewer than 15 days | ||||||||||||||||||||||||
22 | prior to the forum. This Section applies to the construction or | ||||||||||||||||||||||||
23 | modification of property commencing on or after January 1, |
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1 | 2019.
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2 | Section 99. Effective date. This Act takes effect upon | ||||||
3 | becoming law.
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