Bill Text: IL SB3918 | 2011-2012 | 97th General Assembly | Introduced
Bill Title: Amends the Property Tax Code. Provides that any taxing district may order the county clerk to abate all or a portion of the taxes levied by the taxing district on certain tool and die business property. Effective immediately.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2013-01-08 - Session Sine Die [SB3918 Detail]
Download: Illinois-2011-SB3918-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. Tool and die abatement. Beginning in | ||||||||||||||||||||||||
8 | taxable year 2012, any taxing district may order the county
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9 | clerk to abate all or a portion of the
taxes levied by the | ||||||||||||||||||||||||
10 | taxing district on qualified tool and die business property | ||||||||||||||||||||||||
11 | located within the taxing district. | ||||||||||||||||||||||||
12 | "Qualified tool and die business" means a business (i) with | ||||||||||||||||||||||||
13 | a North American Industrial Classification System (NAICS) | ||||||||||||||||||||||||
14 | classification of 332997, 333511, 333512, 333513, 333514, or | ||||||||||||||||||||||||
15 | 333515 and (ii) with fewer than 75 full-time employees. | ||||||||||||||||||||||||
16 | "Qualified tool and die business property" means property | ||||||||||||||||||||||||
17 | owned by a qualified tool and die business and used by that | ||||||||||||||||||||||||
18 | business primarily for tool and die business operations. | ||||||||||||||||||||||||
19 | "Qualified tool and die business property" also includes | ||||||||||||||||||||||||
20 | property leased by a qualified tool and die business and used | ||||||||||||||||||||||||
21 | primarily for tool and die business operations if the qualified | ||||||||||||||||||||||||
22 | tool and die business is liable for paying real property taxes | ||||||||||||||||||||||||
23 | on the property. Qualified tool and die business property is |
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1 | considered to be used primarily for tool and die business | ||||||
2 | operations if 75% or more of the gross revenue of the tool and | ||||||
3 | die business is generated from tool and die operations that | ||||||
4 | take place on that property during the taxable year.
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5 | Section 99. Effective date. This Act takes effect upon | ||||||
6 | becoming law.
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