HB0212 EngrossedLRB097 02920 HLH 42944 b

1    AN ACT concerning local government.
 
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 18-184.10 as follows:
 
6    (35 ILCS 200/18-184.10 new)
7    Sec. 18-184.10. Business corridors; abatement.
8    (a) The county clerk shall abate property taxes levied by
9an affected taxing district on property that meets the
10following requirements:
11        (1) the property does not qualify as exempt property
12    under Section 15-95 of this Code; and
13        (2) the property is situated in a business corridor
14    created by intergovernmental agreement between 2 adjoining
15    disadvantaged municipalities.
16    (b) A business corridor created under this Section shall
17encompass only territory along the common border of the
18municipalities that is (i) undeveloped or underdeveloped and
19(ii) not likely to be developed without the creation of the
20business corridor.
21    The intergovernmental agreement shall specify the
22territory to be included in the business corridor. The
23agreement shall also provide for the percentage amount and

 

 

HB0212 Engrossed- 2 -LRB097 02920 HLH 42944 b

1duration of an abatement under this Section and for any other
2provision necessary to carry out the provisions of this
3Section. No abatement under this Section shall exceed 10 years
4in duration. Upon adoption of the agreement provided for under
5this Section, the municipalities must deliver a certified copy
6of the agreement to the county clerk.
7    (c) As used in this Section:
8    "Affected taxing district" means both (i) municipalities
9party to the intergovernmental agreement and (ii) any school
10district that (A) levies property taxes upon property in the
11business corridor and (B) has maintained an unrestricted fund
12balance of at least 20% of its total direct expenditures for
13the most recent 2 years that data is available, as reported in
14the districts' Annual Financial Reports to the Illinois State
15Board of Education.
16    "Disadvantaged municipality" means a municipality with (i)
17a per capita equalized assessed valuation (EAV) less than 60%
18of the State average and (ii) more than 15% of its population
19below the national poverty level.