Rep. Thaddeus Jones

Filed: 3/10/2011

 

 


 

 


 
09700HB0212ham001LRB097 02920 HLH 51712 a

1
AMENDMENT TO HOUSE BILL 212

2    AMENDMENT NO. ______. Amend House Bill 212 by replacing
3everything after the enacting clause with the following:
 
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

 

 

09700HB0212ham001- 2 -LRB097 02920 HLH 51712 a

1encompass only territory along the common border of the
2municipalities that is (i) undeveloped or underdeveloped and
3(ii) not likely to be developed without the creation of the
4business corridor.
5    The intergovernmental agreement shall specify the
6territory to be included in the business corridor. The
7agreement shall also provide for the percentage amount and
8duration of an abatement under this Section and for any other
9provision necessary to carry out the provisions of this
10Section. No abatement under this Section shall exceed 10 years
11in duration. Upon adoption of the agreement provided for under
12this Section, the municipalities must deliver a certified copy
13of the agreement to the county clerk.
14    (c) As used in this Section:
15    "Affected taxing district" means both (i) municipalities
16party to the intergovernmental agreement and (ii) any school
17district that (A) levies property taxes upon property in the
18business corridor and (B) has maintained an unrestricted fund
19balance of at least 20% of its total direct expenditures for
20the most recent 2 years that data is available, as reported in
21the districts' Annual Financial Reports to the Illinois State
22Board of Education.
23    "Disadvantaged municipality" means a municipality with (i)
24a per capita equalized assessed valuation (EAV) less than 60%
25of the State average and (ii) more than 15% of its population
26below the national poverty level.".