97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB3918

 

Introduced 5/9/2012, by Sen. Dan Kotowski

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/18-184.15 new

    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.


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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB3918LRB097 21369 HLH 69284 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by adding
5Section 18-184.15 as follows:
 
6    (35 ILCS 200/18-184.15 new)
7    Sec. 18-184.15. Tool and die abatement. Beginning in
8taxable year 2012, any taxing district may order the county
9clerk to abate all or a portion of the taxes levied by the
10taxing district on qualified tool and die business property
11located within the taxing district.
12    "Qualified tool and die business" means a business (i) with
13a North American Industrial Classification System (NAICS)
14classification of 332997, 333511, 333512, 333513, 333514, or
15333515 and (ii) with fewer than 75 full-time employees.
16    "Qualified tool and die business property" means property
17owned by a qualified tool and die business and used by that
18business primarily for tool and die business operations.
19"Qualified tool and die business property" also includes
20property leased by a qualified tool and die business and used
21primarily for tool and die business operations if the qualified
22tool and die business is liable for paying real property taxes
23on the property. Qualified tool and die business property is

 

 

SB3918- 2 -LRB097 21369 HLH 69284 b

1considered to be used primarily for tool and die business
2operations if 75% or more of the gross revenue of the tool and
3die business is generated from tool and die operations that
4take place on that property during the taxable year.
 
5    Section 99. Effective date. This Act takes effect upon
6becoming law.