SB3259 EngrossedLRB098 19492 HLH 54667 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
5Division 19 to Article 10 as follows:
 
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;
10natural disaster. Notwithstanding any other provision of law,
11each qualified parcel of commercial or industrial property
12owned and used by a small business shall be valued at the
13lesser of (i) its modified equalized assessed value or (ii) 33
141/3% of its fair cash value. The method of valuation under this
15Section shall continue until there is a change in use or
16ownership of the property or until the fifteenth taxable year
17after the natural disaster occurs, whichever occurs first. In
18order to qualify for valuation under this Section, the
19structure must be rebuilt within 2 years after the date of the
20natural disaster, and the square footage of the rebuilt
21structure may not be more than 110% of the square footage of
22the original structure as it existed immediately prior to the

 

 

SB3259 Engrossed- 2 -LRB098 19492 HLH 54667 b

1natural disaster.
2    "Base year" means the taxable year prior to the taxable
3year in which the natural disaster occurred.
4    "Modified equalized assessed value" means:
5        (1) in the first taxable year after the natural
6    disaster occurs, the equalized assessed value of the
7    property for the base year; and
8        (2) in the second taxable year after the natural
9    disaster occurs and thereafter, the modified equalized
10    assessed value of the property for the previous taxable
11    year, increased by 4%.
12    "Natural disaster" means an occurrence of widespread or
13severe damage or loss of property resulting from any
14catastrophic cause including, but not limited to, fire, flood,
15earthquake, wind, storm, or extended period of severe inclement
16weather. In the case of a commercial or industrial structure
17affected by flooding, the structure shall not be eligible for
18this exemption unless it is located within a local jurisdiction
19which is participating in the National Flood Insurance Program.
20The natural disaster shall be proclaimed as such by the
21Governor or the President of the United States.
22    "Qualified parcel of property" means property that (i) is
23owned and used exclusively for commercial or industrial
24purposes by a small business and (ii) has been rebuilt
25following a natural disaster occurring in taxable year 2013 or
26any taxable year thereafter.

 

 

SB3259 Engrossed- 3 -LRB098 19492 HLH 54667 b

1    "Small business" means a business that employs fewer than
250 full-time employees.
 
3    Section 99. Effective date. This Act takes effect upon
4becoming law.