Bill Text: IL SB3259 | 2013-2014 | 98th General Assembly | Enrolled
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Property Tax Code. Creates an abatement for property that (i) is used exclusively for commercial or industrial purposes and (ii) has been rebuilt following a natural disaster occurring in taxable year 2013 or any taxable year thereafter. Effective immediately.
Spectrum: Bipartisan Bill
Status: (Passed) 2014-07-07 - Public Act . . . . . . . . . 98-0702 [SB3259 Detail]
Download: Illinois-2013-SB3259-Enrolled.html
Bill Title: Amends the Property Tax Code. Creates an abatement for property that (i) is used exclusively for commercial or industrial purposes and (ii) has been rebuilt following a natural disaster occurring in taxable year 2013 or any taxable year thereafter. Effective immediately.
Spectrum: Bipartisan Bill
Status: (Passed) 2014-07-07 - Public Act . . . . . . . . . 98-0702 [SB3259 Detail]
Download: Illinois-2013-SB3259-Enrolled.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 | Division 19 to Article 10 as follows:
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6 | (35 ILCS 200/Art. 10 Div. 19 heading new) | ||||||
7 | DIVISION 19. QUALIFIED COMMERCIAL AND INDUSTRIAL PROPERTY | ||||||
8 | (35 ILCS 200/10-700 new) | ||||||
9 | Sec. 10-700. Qualified commercial and industrial property; | ||||||
10 | tornado disaster. Notwithstanding any other provision of law, | ||||||
11 | each qualified parcel of commercial or industrial property | ||||||
12 | owned and used by a small business shall be valued at the | ||||||
13 | lesser of (i) its modified equalized assessed value or (ii) 33 | ||||||
14 | 1/3% of its fair cash value or, in the case of property located | ||||||
15 | in a county that classifies property for purposes of taxation | ||||||
16 | in accordance with Section 4 of Article IX of the Constitution, | ||||||
17 | the percentage of fair cash value as required by county | ||||||
18 | ordinance. The method of valuation under this Section shall | ||||||
19 | continue until there is a change in use or ownership of the | ||||||
20 | property or until the fifteenth taxable year after the tornado | ||||||
21 | disaster occurs, whichever occurs first. In order to qualify | ||||||
22 | for valuation under this Section, the structure must be rebuilt |
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1 | within 2 years after the date of the tornado disaster, and the | ||||||
2 | square footage of the rebuilt structure may not be more than | ||||||
3 | 110% of the square footage of the original structure as it | ||||||
4 | existed immediately prior to the tornado disaster. | ||||||
5 | "Base year" means the taxable year prior to the taxable | ||||||
6 | year in which the tornado disaster occurred. | ||||||
7 | "Modified equalized assessed value" means: | ||||||
8 | (1) in the first taxable year after the tornado | ||||||
9 | disaster occurs, the equalized assessed value of the | ||||||
10 | property for the base year; and | ||||||
11 | (2) in the second taxable year after the tornado | ||||||
12 | disaster occurs and thereafter, the modified equalized | ||||||
13 | assessed value of the property for the previous taxable | ||||||
14 | year, increased by 4%. | ||||||
15 | "Tornado disaster" means an occurrence of widespread or | ||||||
16 | severe damage or loss of property resulting from a tornado or | ||||||
17 | combination of tornadoes that has been proclaimed as a natural | ||||||
18 | disaster by the Governor or the President of the United States. | ||||||
19 | "Qualified parcel of property" means property that (i) is | ||||||
20 | owned and used exclusively for commercial or industrial | ||||||
21 | purposes by a small business and (ii) has been rebuilt | ||||||
22 | following a tornado disaster occurring in taxable year 2013 or | ||||||
23 | any taxable year thereafter. | ||||||
24 | "Small business" means a business that employs fewer than | ||||||
25 | 50 full-time employees.
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26 | Section 99. Effective date. This Act takes effect upon |
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