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Full Text of HB3516  99th General Assembly

HB3516 99TH GENERAL ASSEMBLY

  
  

 


 
99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB3516

 

Introduced , by Rep. Robert F. Martwick

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/15-190 new

    Amends the Property Tax Code. Creates a homestead exemption of $1,000 for homestead property on which a stormwater retention basin has been constructed during the taxable year. Effective immediately.


LRB099 09594 HLH 29803 b

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

 

 

A BILL FOR

 

HB3516LRB099 09594 HLH 29803 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 15-190 as follows:
 
6    (35 ILCS 200/15-190 new)
7    Sec. 15-190. Homestead exemption for stormwater retention.
8Beginning with the 2016 taxable year, an annual homestead
9exemption equal to a reduction of $1,000 from the equalized
10assessed value of the property is granted for homestead
11property, as defined in Section 15-175, on which a stormwater
12retention basin has been constructed during the taxable year.
13For the purposes of this Section, "stormwater retention basin"
14means an impoundment created by a dam or an excavation for the
15purpose of storing water and settling sediment and other
16pollutants from surface runoff, which is designed to hold a
17specific amount of water until the water can evaporate or
18infiltrate.
 
19    Section 99. Effective date. This Act takes effect upon
20becoming law.