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| [ Senate Amendment 001 ] |
92_SB0713ham001
LRB9208029SMdvam05
1 AMENDMENT TO SENATE BILL 713
2 AMENDMENT NO. . Amend Senate Bill 713 by replacing
3 everything after the enacting clause with the following:
4 "Section 5. The Property Tax Code is amended by adding
5 Section 18-181 as follows:
6 (35 ILCS 200/18-181 new)
7 Sec. 18-181. Abatement for newly-constructed base load
8 electric generating stations.
9 (a) Any taxing district that has an assessed valuation
10 for the year 2000, as equalized by the Department of Revenue,
11 that is at least 15% less than its assessed valuation for the
12 year 1999 may, upon a majority vote of its governing
13 authority, contract with the owner of a base load electric
14 generating station with a generating capacity of at least 500
15 megawatts newly-constructed within the taxing district for
16 the abatement of the station's taxes for a period not to
17 exceed 10 years, subject to the following limitations:
18 (1) if the equalized assessed valuation of the
19 newly-constructed base load electric generating station
20 is equal to or greater than $25,000,000 but less than
21 $50,000,000, then the abatement may not exceed (i) over
22 the 10-year term of the contract, 5% of the taxing
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1 district's aggregate taxes from the newly-constructed
2 base load electric generating station and (ii) in any one
3 year of the contract, 20% of the taxing district's taxes
4 from the newly-constructed base load electric generating
5 station;
6 (2) if the equalized assessed valuation of the
7 newly-constructed base load electric generating station
8 is equal to or greater than $50,000,000 but less than
9 $75,000,000, then the abatement may not exceed (i) over
10 the 10-year term of the contract, 10% of the taxing
11 district's aggregate taxes from the newly-constructed
12 base load electric generating station and (ii) in any one
13 year of the contract, 35% of the taxing district's taxes
14 from the newly-constructed base load electric generating
15 station;
16 (3) if the equalized assessed valuation of the
17 newly-constructed base load electric generating station
18 is equal to or greater than $75,000,000 but less than
19 $100,000,000, then the abatement may not exceed (i) over
20 the 10-year term of the contract, 15% of the taxing
21 district's aggregate taxes from the newly-constructed
22 base load electric generating station and (ii) in any one
23 year of the contract, 50% of the taxing district's taxes
24 from the newly-constructed base load electric generating
25 station;
26 (4) if the equalized assessed valuation of the
27 newly-constructed base load electric generating station
28 is equal to or greater than $100,000,000, then the
29 abatement may not exceed (i) over the 10-year term of the
30 contract, 20% of the taxing district's aggregate taxes
31 from the newly-constructed base load electric generating
32 station and (ii) in any one year of the contract, 60% of
33 the taxing district's taxes from the newly-constructed
34 base load electric generating station.
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1 (b) The contract is not effective unless it contains
2 provisions requiring the owner of the newly-constructed base
3 load electric generating station to repay to the taxing
4 district all amounts previously abated, together with
5 interest computed at the rate and in the manner provided for
6 delinquent taxes, in the event that the owner of the
7 newly-constructed base load electric generating station
8 closes the station before the expiration of the contract
9 period.
10 (c) The authorization of taxing districts to contract
11 under this Section expires on January 1, 2002.
12 Section 99. Effective date. This Act takes effect upon
13 becoming law.".