SB2911 EngrossedLRB103 36214 HLH 66307 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 changing
5Section 30-25 as follows:
 
6    (35 ILCS 200/30-25)
7    Sec. 30-25. Distributions from account.
8    (a) At the direction of the corporate authorities of a
9taxing district, the treasurer of the taxing district shall
10disburse the amounts held in the tax reimbursement account.
11Unless the taxing district has divided the moneys as provided
12in subsection (b), disbursements shall be made to all of the
13owners of taxable homestead property within the taxing
14district. Each owner of taxable homestead property shall
15receive a proportionate share of the total disbursement based
16on the amount of ad valorem taxes on taxable homestead
17property paid by the owner to the taxing district under the
18most recent tax bill.
19    (b) The corporate authorities of a taxing district may
20direct the treasurer to divide the moneys deposited into the
21account into 2 separate pools to be designated the homestead
22property pool and the commercial or industrial property pool.
23The amount to be deposited into each pool shall be determined

 

 

SB2911 Engrossed- 2 -LRB103 36214 HLH 66307 b

1by the corporate authorities of the taxing district, except
2that at least 50% of the moneys in the account shall be
3deposited into the homestead property pool. The treasurer
4shall disburse the amounts held in each pool in the tax
5reimbursement account at the direction of the corporate
6authorities. Disbursements from the homestead property pool
7shall be made to all of the owners of taxable homestead
8property within the taxing district. Each owner of taxable
9homestead property shall receive a proportionate share of the
10total disbursement from the pool based on the amount of ad
11valorem taxes on taxable homestead property paid by the owner
12to the taxing district under the most recent tax bill.
13Disbursements from the commercial or industrial property pool
14shall be made to all of the owners of taxable commercial or
15industrial property, except (i) those owners whose property is
16located within a tax increment financing district, (ii) those
17owners who received a tax incentive as a result of a tax
18incentivized development established by an intergovernmental
19agreement to which the taxing district is a party, or (iii)
20those owners whose property is classified as an apartment
21building. Each eligible owner of taxable commercial or
22industrial property shall receive a proportionate share of the
23total disbursement from the pool based on the amount of ad
24valorem taxes on taxable commercial or industrial property
25paid by the owner to the taxing district under the most recent
26tax bill.

 

 

SB2911 Engrossed- 3 -LRB103 36214 HLH 66307 b

1    (c) In determining the proportionate share of each owner
2of homestead property, the numerator shall be the amount of
3taxes on homestead property paid by that owner to the taxing
4district under the most recent tax bill, and the denominator
5shall be the aggregate total of all taxes on homestead
6property paid by all owners to the taxing district under the
7most recent tax bills.
8    (d) In determining the proportionate share of each owner
9of commercial or industrial property, the numerator shall be
10the amount of taxes on commercial or industrial property paid
11by that owner to the taxing district under the most recent tax
12bill, and the denominator shall be the aggregate total of all
13taxes on commercial or industrial property paid by all owners
14to the taxing district under the most recent tax bills less
15taxes paid on commercial or industrial property located in a
16tax increment financing district, taxes paid on commercial or
17industrial property for which the owner received a tax
18incentive as a result of a tax incentivized development
19established by an intergovernmental agreement to which the
20taxing district is a party, and taxes paid on an apartment
21building.
22    (e) As used in this Section:
23    "Qualified redevelopment costs" means costs advanced by a
24taxing district to a commercial or industrial property owner
25to promote economic development when, but for the advancement
26of the funds, the development would not be financially

 

 

SB2911 Engrossed- 4 -LRB103 36214 HLH 66307 b

1feasible.
2    "Tax incentivized development" means an economic
3development project established by intergovernmental agreement
4whereby a taxing district advances qualified redevelopment
5costs to a commercial or industrial property owner.
6(Source: P.A. 90-471, eff. 8-17-97.)
 
7    Section 99. Effective date. This Act takes effect upon
8becoming law.