Illinois General Assembly - Bill Status for SB2126

Synopsis As Introduced
Amends the Property Tax Code. Provides that property that is owned by a faith-based organization or an organization described under Section 501(c)(3) of the Internal Revenue Code of 1986 that is leased for a minimum of 50 years for the purpose of, and is predominantly used for, providing affordable housing for households with a household income of between 20% and 90% of the area median income is exempt from taxation under the Code until (i) the end of the ground lease term or (ii) the first taxable year during which the property is no longer used for affordable housing purposes, whichever occurs first. Provides that taxing districts may abate all or a portion of the property taxes levied on a qualified affordable housing developments.

Actions

Date	Chamber	Action
2/7/2025	Senate	Filed with Secretary by Sen. Doris Turner
2/7/2025	Senate	First Reading
2/7/2025	Senate	Referred to Assignments

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