Bill Text: IL SB1147 | 2013-2014 | 98th General Assembly | Engrossed
Bill Title: Creates the Illinois Economic Development Act of 2013. Contains only a short title provision.
Spectrum: Bipartisan Bill
Status: (Failed) 2015-01-13 - Session Sine Die [SB1147 Detail]
Download: Illinois-2013-SB1147-Engrossed.html
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1 | AN ACT concerning economic development.
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2 | Be it enacted by the People of the State of Illinois, | ||||||
3 | represented in the General Assembly:
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4 | Section 5. The Illinois Enterprise Zone Act is amended by | ||||||
5 | changing Section 5.5 as follows:
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6 | (20 ILCS 655/5.5)
(from Ch. 67 1/2, par. 609.1)
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7 | Sec. 5.5. High Impact Business.
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8 | (a) In order to respond to unique opportunities to assist | ||||||
9 | in the
encouragement, development, growth and expansion of the | ||||||
10 | private sector through
large scale investment and development | ||||||
11 | projects, the Department is authorized
to receive and approve | ||||||
12 | applications for the designation of "High Impact
Businesses" in | ||||||
13 | Illinois subject to the following conditions:
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14 | (1) such applications may be submitted at any time | ||||||
15 | during the year;
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16 | (2) such business is not located, at the time of | ||||||
17 | designation, in
an enterprise zone designated pursuant to | ||||||
18 | this Act;
| ||||||
19 | (3) the business intends to do one or more of the | ||||||
20 | following:
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21 | (A) the business intends to make a minimum | ||||||
22 | investment of
$12,000,000 which will be placed in | ||||||
23 | service in qualified property and
intends to create 500 |
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1 | full-time equivalent jobs at a designated location
in | ||||||
2 | Illinois or intends to make a minimum investment of | ||||||
3 | $30,000,000 which
will be placed in service in | ||||||
4 | qualified property and intends to retain 1,500
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5 | full-time retained jobs at a designated location in | ||||||
6 | Illinois.
The business must certify in writing that the | ||||||
7 | investments would not be
placed in service in qualified | ||||||
8 | property and the job creation or job
retention would | ||||||
9 | not occur without the tax credits and exemptions set | ||||||
10 | forth
in subsection (b) of this Section. The terms | ||||||
11 | "placed in service" and
"qualified property" have the | ||||||
12 | same meanings as described in subsection (h)
of Section | ||||||
13 | 201 of the Illinois Income Tax Act; or
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14 | (B) the business intends to establish a new | ||||||
15 | electric generating
facility at a designated location | ||||||
16 | in Illinois. "New electric generating
facility", for | ||||||
17 | purposes of this Section, means a newly-constructed
| ||||||
18 | electric
generation plant
or a newly-constructed | ||||||
19 | generation capacity expansion at an existing electric
| ||||||
20 | generation
plant, including the transmission lines and | ||||||
21 | associated
equipment that transfers electricity from | ||||||
22 | points of supply to points of
delivery, and for which | ||||||
23 | such new foundation construction commenced not sooner
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24 | than July 1,
2001. Such facility shall be designed to | ||||||
25 | provide baseload electric
generation and shall operate | ||||||
26 | on a continuous basis throughout the year;
and (i) |
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1 | shall have an aggregate rated generating capacity of at | ||||||
2 | least 1,000
megawatts for all new units at one site if | ||||||
3 | it uses natural gas as its primary
fuel and foundation | ||||||
4 | construction of the facility is commenced on
or before | ||||||
5 | December 31, 2004, or shall have an aggregate rated | ||||||
6 | generating
capacity of at least 400 megawatts for all | ||||||
7 | new units at one site if it uses
coal or gases derived | ||||||
8 | from coal
as its primary fuel and
shall support the | ||||||
9 | creation of at least 150 new Illinois coal mining jobs, | ||||||
10 | or
(ii) shall be funded through a federal Department of | ||||||
11 | Energy grant before December 31, 2010 and shall support | ||||||
12 | the creation of Illinois
coal-mining
jobs, or (iii) | ||||||
13 | shall use coal gasification or integrated | ||||||
14 | gasification-combined cycle units
that generate
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15 | electricity or chemicals, or both, and shall support | ||||||
16 | the creation of Illinois
coal-mining
jobs.
The
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17 | business must certify in writing that the investments | ||||||
18 | necessary to establish
a new electric generating | ||||||
19 | facility would not be placed in service and the
job | ||||||
20 | creation in the case of a coal-fueled plant
would not | ||||||
21 | occur without the tax credits and exemptions set forth | ||||||
22 | in
subsection (b-5) of this Section. The term "placed | ||||||
23 | in service" has
the same meaning as described in | ||||||
24 | subsection
(h) of Section 201 of the Illinois Income | ||||||
25 | Tax Act; or
| ||||||
26 | (B-5) the business intends to establish a new |
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| |||||||
1 | gasification
facility at a designated location in | ||||||
2 | Illinois. As used in this Section, "new gasification | ||||||
3 | facility" means a newly constructed coal gasification | ||||||
4 | facility that generates chemical feedstocks or | ||||||
5 | transportation fuels derived from coal (which may | ||||||
6 | include, but are not limited to, methane, methanol, and | ||||||
7 | nitrogen fertilizer), that supports the creation or | ||||||
8 | retention of Illinois coal-mining jobs, and that | ||||||
9 | qualifies for financial assistance from the Department | ||||||
10 | before December 31, 2010. A new gasification facility | ||||||
11 | does not include a pilot project located within | ||||||
12 | Jefferson County or within a county adjacent to | ||||||
13 | Jefferson County for synthetic natural gas from coal; | ||||||
14 | or
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15 | (C) the business intends to establish
production | ||||||
16 | operations at a new coal mine, re-establish production | ||||||
17 | operations at
a closed coal mine, or expand production | ||||||
18 | at an existing coal mine
at a designated location in | ||||||
19 | Illinois not sooner than July 1, 2001;
provided that | ||||||
20 | the
production operations result in the creation of 150 | ||||||
21 | new Illinois coal mining
jobs as described in | ||||||
22 | subdivision (a)(3)(B) of this Section, and further
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23 | provided that the coal extracted from such mine is | ||||||
24 | utilized as the predominant
source for a new electric | ||||||
25 | generating facility.
The business must certify in | ||||||
26 | writing that the
investments necessary to establish a |
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1 | new, expanded, or reopened coal mine would
not
be | ||||||
2 | placed in service and the job creation would not
occur | ||||||
3 | without the tax credits and exemptions set forth in | ||||||
4 | subsection (b-5) of
this Section. The term "placed in | ||||||
5 | service" has
the same meaning as described in | ||||||
6 | subsection (h) of Section 201 of the
Illinois Income | ||||||
7 | Tax Act; or
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8 | (D) the business intends to construct new | ||||||
9 | transmission facilities or
upgrade existing | ||||||
10 | transmission facilities at designated locations in | ||||||
11 | Illinois,
for which construction commenced not sooner | ||||||
12 | than July 1, 2001. For the
purposes of this Section, | ||||||
13 | "transmission facilities" means transmission lines
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14 | with a voltage rating of 115 kilovolts or above, | ||||||
15 | including associated
equipment, that transfer | ||||||
16 | electricity from points of supply to points of
delivery | ||||||
17 | and that transmit a majority of the electricity | ||||||
18 | generated by a new
electric generating facility | ||||||
19 | designated as a High Impact Business in accordance
with | ||||||
20 | this Section. The business must certify in writing that | ||||||
21 | the investments
necessary to construct new | ||||||
22 | transmission facilities or upgrade existing
| ||||||
23 | transmission facilities would not be placed in service
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24 | without the tax credits and exemptions set forth in | ||||||
25 | subsection (b-5) of this
Section. The term "placed in | ||||||
26 | service" has the
same meaning as described in |
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1 | subsection (h) of Section 201 of the Illinois
Income | ||||||
2 | Tax Act; or
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3 | (E) the business intends to establish a new wind | ||||||
4 | power facility at a designated location in Illinois. | ||||||
5 | For purposes of this Section, "new wind power facility" | ||||||
6 | means a newly constructed electric generation | ||||||
7 | facility, or a newly constructed expansion of an | ||||||
8 | existing electric generation facility, placed in | ||||||
9 | service on or after July 1, 2009, that generates | ||||||
10 | electricity using wind energy devices, and such | ||||||
11 | facility shall be deemed to include all associated | ||||||
12 | transmission lines, substations, and other equipment | ||||||
13 | related to the generation of electricity from wind | ||||||
14 | energy devices. For purposes of this Section, "wind | ||||||
15 | energy device" means any device, with a nameplate | ||||||
16 | capacity of at least 0.5 megawatts, that is used in the | ||||||
17 | process of converting kinetic energy from the wind to | ||||||
18 | generate electricity; or and | ||||||
19 | (F) the business intends to (i) make a minimum | ||||||
20 | investment of $500,000,000, which will be placed in | ||||||
21 | service in a qualified property, (ii) create 125 | ||||||
22 | full-time equivalent jobs at a designated location in | ||||||
23 | Illinois, and (iii) establish a fertilizer plant at a | ||||||
24 | designated location in Illinois; for the purposes of | ||||||
25 | this Section, "fertilizer plant" means a newly | ||||||
26 | constructed or upgraded plant facilitating gas used in |
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1 | the production of anhydrous ammonia and downstream | ||||||
2 | nitrogen fertilizer products for resale; and
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3 | (4) no later than 90 days after an application is | ||||||
4 | submitted, the
Department shall notify the applicant of the | ||||||
5 | Department's determination of
the qualification of the | ||||||
6 | proposed High Impact Business under this Section.
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7 | (b) Businesses designated as High Impact Businesses | ||||||
8 | pursuant to
subdivision (a)(3)(A) of this Section shall qualify | ||||||
9 | for the credits and
exemptions described in the
following Acts: | ||||||
10 | Section 9-222 and Section 9-222.1A of the Public Utilities
Act,
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11 | subsection (h)
of Section 201 of the Illinois Income Tax Act,
| ||||||
12 | and Section 1d of
the
Retailers' Occupation Tax Act; provided | ||||||
13 | that these credits and
exemptions
described in these Acts shall | ||||||
14 | not be authorized until the minimum
investments set forth in | ||||||
15 | subdivision (a)(3)(A) of this
Section have been placed in
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16 | service in qualified properties and, in the case of the | ||||||
17 | exemptions
described in the Public Utilities Act and Section 1d | ||||||
18 | of the Retailers'
Occupation Tax Act, the minimum full-time | ||||||
19 | equivalent jobs or full-time retained jobs set
forth in | ||||||
20 | subdivision (a)(3)(A) of this Section have been
created or | ||||||
21 | retained.
Businesses designated as High Impact Businesses | ||||||
22 | under
this Section shall also
qualify for the exemption | ||||||
23 | described in Section 5l of the Retailers' Occupation
Tax Act. | ||||||
24 | The credit provided in subsection (h) of Section 201 of the | ||||||
25 | Illinois
Income Tax Act shall be applicable to investments in | ||||||
26 | qualified property as set
forth in subdivision (a)(3)(A) of |
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1 | this Section.
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2 | (b-5) Businesses designated as High Impact Businesses | ||||||
3 | pursuant to
subdivisions (a)(3)(B), (a)(3)(B-5), (a)(3)(C), | ||||||
4 | and (a)(3)(D) of this Section shall qualify
for the credits and | ||||||
5 | exemptions described in the following Acts: Section 51 of
the | ||||||
6 | Retailers' Occupation Tax Act, Section 9-222 and Section | ||||||
7 | 9-222.1A of the
Public Utilities Act, and subsection (h) of | ||||||
8 | Section 201 of the Illinois Income
Tax Act; however, the | ||||||
9 | credits and exemptions authorized under Section 9-222 and
| ||||||
10 | Section 9-222.1A of the Public Utilities Act, and subsection | ||||||
11 | (h) of Section 201
of the Illinois Income Tax Act shall not be | ||||||
12 | authorized until the new electric
generating facility, the new | ||||||
13 | gasification facility, the new transmission facility, or the | ||||||
14 | new, expanded, or
reopened coal mine is operational,
except | ||||||
15 | that a new electric generating facility whose primary fuel | ||||||
16 | source is
natural gas is eligible only for the exemption under | ||||||
17 | Section 5l of the
Retailers' Occupation Tax Act.
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18 | (b-6) Businesses designated as High Impact Businesses | ||||||
19 | pursuant to subdivision (a)(3)(E) of this Section shall qualify | ||||||
20 | for the exemptions described in Section 5l of the Retailers' | ||||||
21 | Occupation Tax Act; any business so designated as a High Impact | ||||||
22 | Business being, for purposes of this Section, a "Wind Energy | ||||||
23 | Business". | ||||||
24 | (c) High Impact Businesses located in federally designated | ||||||
25 | foreign trade
zones or sub-zones are also eligible for | ||||||
26 | additional credits, exemptions and
deductions as described in |
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| |||||||
1 | the following Acts: Section 9-221 and Section
9-222.1 of the | ||||||
2 | Public
Utilities Act; and subsection (g) of Section 201, and | ||||||
3 | Section 203
of the Illinois Income Tax Act.
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4 | (d) Except for businesses contemplated under subdivision | ||||||
5 | (a)(3)(E) of this Section, existing Illinois businesses which | ||||||
6 | apply for designation as a
High Impact Business must provide | ||||||
7 | the Department with the prospective plan
for which 1,500 | ||||||
8 | full-time retained jobs would be eliminated in the event that | ||||||
9 | the
business is not designated.
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10 | (e) Except for new wind power facilities contemplated under | ||||||
11 | subdivision (a)(3)(E) of this Section, new proposed facilities | ||||||
12 | which apply for designation as High Impact
Business must | ||||||
13 | provide the Department with proof of alternative non-Illinois
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14 | sites which would receive the proposed investment and job | ||||||
15 | creation in the
event that the business is not designated as a | ||||||
16 | High Impact Business.
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17 | (f) Except for businesses contemplated under subdivision | ||||||
18 | (a)(3)(E) of this Section, in the event that a business is | ||||||
19 | designated a High Impact Business
and it is later determined | ||||||
20 | after reasonable notice and an opportunity for a
hearing as | ||||||
21 | provided under the Illinois Administrative Procedure Act, that
| ||||||
22 | the business would have placed in service in qualified property | ||||||
23 | the
investments and created or retained the requisite number of | ||||||
24 | jobs without
the benefits of the High Impact Business | ||||||
25 | designation, the Department shall
be required to immediately | ||||||
26 | revoke the designation and notify the Director
of the |
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| |||||||
1 | Department of Revenue who shall begin proceedings to recover | ||||||
2 | all
wrongfully exempted State taxes with interest. The business | ||||||
3 | shall also be
ineligible for all State funded Department | ||||||
4 | programs for a period of 10 years.
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5 | (g) The Department shall revoke a High Impact Business | ||||||
6 | designation if
the participating business fails to comply with | ||||||
7 | the terms and conditions of
the designation. However, the | ||||||
8 | penalties for new wind power facilities or Wind Energy | ||||||
9 | Businesses for failure to comply with any of the terms or | ||||||
10 | conditions of the Illinois Prevailing Wage Act shall be only | ||||||
11 | those penalties identified in the Illinois Prevailing Wage Act, | ||||||
12 | and the Department shall not revoke a High Impact Business | ||||||
13 | designation as a result of the failure to comply with any of | ||||||
14 | the terms or conditions of the Illinois Prevailing Wage Act in | ||||||
15 | relation to a new wind power facility or a Wind Energy | ||||||
16 | Business.
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17 | (h) Prior to designating a business, the Department shall | ||||||
18 | provide the
members of the General Assembly and Commission on | ||||||
19 | Government Forecasting and Accountability
with a report | ||||||
20 | setting forth the terms and conditions of the designation and
| ||||||
21 | guarantees that have been received by the Department in | ||||||
22 | relation to the
proposed business being designated.
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23 | (Source: P.A. 96-28, eff. 7-1-09; 97-905, eff. 8-7-12.)
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24 | Section 10. The Property Tax Code is amended by changing | ||||||
25 | Section 18-165 as follows:
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1 | (35 ILCS 200/18-165)
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2 | Sec. 18-165. Abatement of taxes.
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3 | (a) Any taxing district, upon a majority vote of its | ||||||
4 | governing authority,
may, after the determination of the | ||||||
5 | assessed valuation of its property, order
the clerk of that | ||||||
6 | county to abate any portion of its taxes on the following
types | ||||||
7 | of property:
| ||||||
8 | (1) Commercial and industrial.
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9 | (A) The property of any commercial or industrial | ||||||
10 | firm,
including but not limited to the property of (i) | ||||||
11 | any firm that
is used for collecting, separating, | ||||||
12 | storing, or processing recyclable
materials, locating | ||||||
13 | within the taxing district during the immediately | ||||||
14 | preceding
year from another state, territory, or | ||||||
15 | country, or having been newly created
within this State | ||||||
16 | during the immediately preceding year, or expanding an
| ||||||
17 | existing facility, or (ii) any firm that is used for | ||||||
18 | the generation and
transmission of
electricity | ||||||
19 | locating within the taxing district during the | ||||||
20 | immediately
preceding year or expanding its presence | ||||||
21 | within the taxing district during the
immediately | ||||||
22 | preceding year by construction of a new electric | ||||||
23 | generating
facility that uses natural gas as its fuel, | ||||||
24 | or any firm that is used for
production operations at a | ||||||
25 | new,
expanded, or reopened coal mine within the taxing |
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1 | district, that
has been certified as a High Impact | ||||||
2 | Business by the Illinois Department of
Commerce and | ||||||
3 | Economic Opportunity. The property of any firm used for | ||||||
4 | the
generation and transmission of electricity shall | ||||||
5 | include all property of the
firm used for transmission | ||||||
6 | facilities as defined in Section 5.5 of the Illinois
| ||||||
7 | Enterprise Zone Act. The abatement shall not exceed a | ||||||
8 | period of 10 years
and the aggregate amount of abated | ||||||
9 | taxes for all taxing districts combined
shall not | ||||||
10 | exceed $4,000,000.
| ||||||
11 | (A-5) Any property in the taxing district of a new | ||||||
12 | electric generating
facility, as defined in Section | ||||||
13 | 605-332 of the Department of Commerce and
Economic | ||||||
14 | Opportunity Law of the Civil Administrative Code of | ||||||
15 | Illinois.
The abatement shall not exceed a period of 10 | ||||||
16 | years.
The abatement shall be subject to the following | ||||||
17 | limitations:
| ||||||
18 | (i) if the equalized assessed valuation of the | ||||||
19 | new electric generating
facility is equal to or | ||||||
20 | greater than $25,000,000 but less
than | ||||||
21 | $50,000,000, then the abatement may not exceed (i) | ||||||
22 | over the entire term
of the abatement, 5% of the | ||||||
23 | taxing district's aggregate taxes from the
new | ||||||
24 | electric generating facility and (ii) in any one
| ||||||
25 | year of abatement, 20% of the taxing district's | ||||||
26 | taxes from the
new electric generating facility;
|
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| |||||||
1 | (ii) if the equalized assessed valuation of | ||||||
2 | the new electric
generating facility is equal to or | ||||||
3 | greater than $50,000,000 but less
than | ||||||
4 | $75,000,000, then the abatement may not exceed (i) | ||||||
5 | over the entire term
of the abatement, 10% of the | ||||||
6 | taxing district's aggregate taxes from the
new | ||||||
7 | electric generating facility and (ii) in any one
| ||||||
8 | year of abatement, 35% of the taxing district's | ||||||
9 | taxes from the
new electric generating facility;
| ||||||
10 | (iii) if the equalized assessed valuation of | ||||||
11 | the new electric
generating facility
is equal to or | ||||||
12 | greater than $75,000,000 but less
than | ||||||
13 | $100,000,000, then the abatement may not exceed | ||||||
14 | (i) over the entire term
of the abatement, 20% of | ||||||
15 | the taxing district's aggregate taxes from the
new | ||||||
16 | electric generating facility and (ii) in any one
| ||||||
17 | year of abatement, 50% of the taxing district's | ||||||
18 | taxes from the
new electric generating facility;
| ||||||
19 | (iv) if the equalized assessed valuation of | ||||||
20 | the new electric
generating facility is equal to or | ||||||
21 | greater than $100,000,000 but less
than | ||||||
22 | $125,000,000, then the
abatement may not exceed | ||||||
23 | (i) over the entire term of the abatement, 30% of | ||||||
24 | the
taxing district's aggregate taxes from the new | ||||||
25 | electric generating facility
and (ii) in any one | ||||||
26 | year of abatement, 60% of the taxing
district's |
| |||||||
| |||||||
1 | taxes from the new electric generating facility;
| ||||||
2 | (v) if the equalized assessed valuation of the | ||||||
3 | new electric generating
facility is equal to or | ||||||
4 | greater than $125,000,000 but less
than | ||||||
5 | $150,000,000, then the
abatement may not exceed | ||||||
6 | (i) over the entire term of the abatement, 40% of | ||||||
7 | the
taxing district's aggregate taxes from the new | ||||||
8 | electric generating facility
and (ii) in any one | ||||||
9 | year of abatement, 60% of the taxing
district's | ||||||
10 | taxes from the new electric generating facility;
| ||||||
11 | (vi) if the equalized assessed valuation of | ||||||
12 | the new electric
generating facility is equal to or | ||||||
13 | greater than $150,000,000, then the
abatement may | ||||||
14 | not exceed (i) over the entire term of the | ||||||
15 | abatement, 50% of the
taxing district's aggregate | ||||||
16 | taxes from the new electric generating facility
| ||||||
17 | and (ii) in any one year of abatement, 60% of the | ||||||
18 | taxing
district's taxes from the new electric | ||||||
19 | generating facility.
| ||||||
20 | The abatement is not effective unless
the owner of | ||||||
21 | the new electric generating facility agrees to
repay to | ||||||
22 | the taxing district all amounts previously abated, | ||||||
23 | together with
interest computed at the rate and in the | ||||||
24 | manner provided for delinquent taxes,
in the event that | ||||||
25 | the owner of the new electric generating facility | ||||||
26 | closes the
new electric generating facility before the |
| |||||||
| |||||||
1 | expiration of the
entire term of the abatement.
| ||||||
2 | The authorization of taxing districts to abate | ||||||
3 | taxes under this
subdivision (a)(1)(A-5) expires on | ||||||
4 | January 1, 2010.
| ||||||
5 | (B) The property of any commercial or industrial
| ||||||
6 | development of at least 225 500 acres having been | ||||||
7 | created within the taxing
district. The abatement | ||||||
8 | shall not exceed a period of 20 years and the
aggregate | ||||||
9 | amount of abated taxes for all taxing districts | ||||||
10 | combined shall not
exceed $12,000,000.
| ||||||
11 | (C) The property of any commercial or industrial | ||||||
12 | firm currently
located in the taxing district that | ||||||
13 | expands a facility or its number of
employees. The | ||||||
14 | abatement shall not exceed a period of 10 years and the
| ||||||
15 | aggregate amount of abated taxes for all taxing | ||||||
16 | districts combined shall not
exceed $4,000,000. The | ||||||
17 | abatement period may be renewed at the option of the
| ||||||
18 | taxing districts.
| ||||||
19 | (2) Horse racing. Any property in the taxing district | ||||||
20 | which
is used for the racing of horses and upon which | ||||||
21 | capital improvements consisting
of expansion, improvement | ||||||
22 | or replacement of existing facilities have been made
since | ||||||
23 | July 1, 1987. The combined abatements for such property | ||||||
24 | from all taxing
districts in any county shall not exceed | ||||||
25 | $5,000,000 annually and shall not
exceed a period of 10 | ||||||
26 | years.
|
| |||||||
| |||||||
1 | (3) Auto racing. Any property designed exclusively for | ||||||
2 | the racing of
motor vehicles. Such abatement shall not | ||||||
3 | exceed a period of 10 years.
| ||||||
4 | (4) Academic or research institute. The property of any | ||||||
5 | academic or
research institute in the taxing district that | ||||||
6 | (i) is an exempt organization
under paragraph (3) of | ||||||
7 | Section 501(c) of the Internal Revenue Code, (ii)
operates | ||||||
8 | for the benefit of the public by actually and exclusively | ||||||
9 | performing
scientific research and making the results of | ||||||
10 | the research available to the
interested public on a | ||||||
11 | non-discriminatory basis, and (iii) employs more than
100 | ||||||
12 | employees. An abatement granted under this paragraph shall | ||||||
13 | be for at
least 15 years and the aggregate amount of abated | ||||||
14 | taxes for all taxing
districts combined shall not exceed | ||||||
15 | $5,000,000.
| ||||||
16 | (5) Housing for older persons. Any property in the | ||||||
17 | taxing district that
is devoted exclusively to affordable | ||||||
18 | housing for older households. For
purposes of this | ||||||
19 | paragraph, "older households" means those households (i)
| ||||||
20 | living in housing provided under any State or federal | ||||||
21 | program that the
Department of Human Rights determines is | ||||||
22 | specifically designed and operated to
assist elderly | ||||||
23 | persons and is solely occupied by persons 55 years of age | ||||||
24 | or
older and (ii) whose annual income does not exceed 80% | ||||||
25 | of the area gross median
income, adjusted for family size, | ||||||
26 | as such gross income and median income are
determined from |
| |||||||
| |||||||
1 | time to time by the United States Department of Housing and
| ||||||
2 | Urban Development. The abatement shall not exceed a period | ||||||
3 | of 15 years, and
the aggregate amount of abated taxes for | ||||||
4 | all taxing districts shall not exceed
$3,000,000.
| ||||||
5 | (6) Historical society. For assessment years 1998 | ||||||
6 | through 2018, the
property of an historical society | ||||||
7 | qualifying as an exempt organization under
Section | ||||||
8 | 501(c)(3) of the federal Internal Revenue Code.
| ||||||
9 | (7) Recreational facilities. Any property in the | ||||||
10 | taxing district (i)
that is used for a municipal airport, | ||||||
11 | (ii) that
is subject to a leasehold assessment under | ||||||
12 | Section 9-195 of this Code and (iii)
which
is sublet from a | ||||||
13 | park district that is leasing the property from a
| ||||||
14 | municipality, but only if the property is used exclusively | ||||||
15 | for recreational
facilities or for parking lots used | ||||||
16 | exclusively for those facilities. The
abatement shall not | ||||||
17 | exceed a period of 10 years.
| ||||||
18 | (8) Relocated corporate headquarters. If approval | ||||||
19 | occurs within 5 years
after the effective date of this | ||||||
20 | amendatory Act of the 92nd General Assembly,
any property | ||||||
21 | or a portion of any property in a taxing district that is | ||||||
22 | used by
an eligible business for a corporate headquarters | ||||||
23 | as defined in the Corporate
Headquarters Relocation Act. | ||||||
24 | Instead of an abatement under this paragraph (8),
a taxing | ||||||
25 | district may enter into an agreement with an eligible | ||||||
26 | business to make
annual payments to that eligible business |
| |||||||
| |||||||
1 | in an amount not to exceed the
property taxes paid directly | ||||||
2 | or indirectly by that eligible business to the
taxing | ||||||
3 | district and any other taxing districts for
premises | ||||||
4 | occupied pursuant to a written lease and may make those | ||||||
5 | payments
without the need for an annual appropriation. No | ||||||
6 | school district, however, may
enter into an agreement with, | ||||||
7 | or abate taxes for, an eligible business unless
the | ||||||
8 | municipality in which the corporate headquarters is | ||||||
9 | located agrees to
provide funding to the school district in | ||||||
10 | an amount equal to the amount abated
or paid by the school | ||||||
11 | district as provided in this paragraph (8).
Any abatement | ||||||
12 | ordered or
agreement entered into under this paragraph (8) | ||||||
13 | may be effective for the entire
term specified by the | ||||||
14 | taxing district, except the term of the abatement or
annual | ||||||
15 | payments may not exceed 20 years. | ||||||
16 | (9) United States Military Public/Private Residential | ||||||
17 | Developments. Each building, structure, or other | ||||||
18 | improvement designed, financed, constructed, renovated, | ||||||
19 | managed, operated, or maintained after January 1, 2006 | ||||||
20 | under a "PPV Lease", as set forth under Division 14 of | ||||||
21 | Article 10, and any such PPV Lease.
| ||||||
22 | (10) Property located in a business corridor that | ||||||
23 | qualifies for an abatement under Section 18-184.10. | ||||||
24 | (b) Upon a majority vote of its governing authority, any | ||||||
25 | municipality
may, after the determination of the assessed | ||||||
26 | valuation of its property, order
the county clerk to abate any |
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| |||||||
1 | portion of its taxes on any property that is
located within the | ||||||
2 | corporate limits of the municipality in accordance with
Section | ||||||
3 | 8-3-18 of the Illinois Municipal Code.
| ||||||
4 | (Source: P.A. 96-1136, eff. 7-21-10; 97-577, eff. 1-1-12; | ||||||
5 | 97-636, eff. 6-1-12 .)
|