HB3114 97TH GENERAL ASSEMBLY

LRB097 08741 HLH 48870 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB3114

Introduced 2/23/2011, by Rep. Daniel Biss

SYNOPSIS AS INTRODUCED:

35 ILCS 200/15-182 new

Amends the Property Tax Code. Provides that homestead properties that have been improved with a renewable energy improvement are entitled to an exemption, limited to the value of the improvement, as assessed and equalized. Defines "renewable energy improvement". Provides that no exemption shall be granted for more than 10 taxable years after a renewable energy device was first installed and operational. Effective immediately.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by adding Section 15-182 as follows:

(35 ILCS 200/15-182 new)

Sec. 15-182. Renewable energy improvements.

(a) Homestead properties that have been improved with a renewable energy improvement are entitled to an exemption, limited to the value of the renewable energy improvement, as assessed and equalized. For the purposes of this Section, "renewable energy improvement" means any fixture, product, system, device, or interacting group of those items, for or serving any homestead property that produces energy from renewable energy resources as defined in Section 1-10 of the Illinois Power Agency Act.

(b) If the renewable energy improvement was first installed and operational after the beginning of the assessment year, the exemption shall be applied to the property on a proportionate basis for the period the property qualified during the assessment year.

(c) No exemption authorized under this Section shall be granted for more than 10 taxable years after a renewable energy device was first installed and operational on a property.

(d) Notwithstanding Sections 6 and 8 of the State Mandates Act, no reimbursement by the State is required for the implementation of any mandate created by this Section.

Section 99. Effective date. This Act takes effect upon becoming law.