SB3918 97TH GENERAL ASSEMBLY

LRB097 21369 HLH 69284 b

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.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

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 18-184.15 as follows:

(35 ILCS 200/18-184.15 new)

Sec. 18-184.15. Tool and die abatement. Beginning in taxable year 2012, any taxing district may order the county clerk to abate all or a portion of the taxes levied by the taxing district on qualified tool and die business property located within the taxing district.

"Qualified tool and die business" means a business (i) with a North American Industrial Classification System (NAICS) classification of 332997, 333511, 333512, 333513, 333514, or 333515 and (ii) with fewer than 75 full-time employees.

"Qualified tool and die business property" means property owned by a qualified tool and die business and used by that business primarily for tool and die business operations. "Qualified tool and die business property" also includes property leased by a qualified tool and die business and used primarily for tool and die business operations if the qualified tool and die business is liable for paying real property taxes on the property. Qualified tool and die business property is considered to be used primarily for tool and die business operations if 75% or more of the gross revenue of the tool and die business is generated from tool and die operations that take place on that property during the taxable year.

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