Illinois General Assembly - Full Text of SB3259
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Full Text of SB3259  98th General Assembly




SB3259 EnrolledLRB098 19492 HLH 54667 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 adding
5Division 19 to Article 10 as follows:
6    (35 ILCS 200/Art. 10 Div. 19 heading new)

8    (35 ILCS 200/10-700 new)
9    Sec. 10-700. Qualified commercial and industrial property;
10tornado disaster. Notwithstanding any other provision of law,
11each qualified parcel of commercial or industrial property
12owned and used by a small business shall be valued at the
13lesser of (i) its modified equalized assessed value or (ii) 33
141/3% of its fair cash value or, in the case of property located
15in a county that classifies property for purposes of taxation
16in accordance with Section 4 of Article IX of the Constitution,
17the percentage of fair cash value as required by county
18ordinance. The method of valuation under this Section shall
19continue until there is a change in use or ownership of the
20property or until the fifteenth taxable year after the tornado
21disaster occurs, whichever occurs first. In order to qualify
22for valuation under this Section, the structure must be rebuilt



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1within 2 years after the date of the tornado disaster, and the
2square footage of the rebuilt structure may not be more than
3110% of the square footage of the original structure as it
4existed immediately prior to the tornado disaster.
5    "Base year" means the taxable year prior to the taxable
6year in which the tornado disaster occurred.
7    "Modified equalized assessed value" means:
8        (1) in the first taxable year after the tornado
9    disaster occurs, the equalized assessed value of the
10    property for the base year; and
11        (2) in the second taxable year after the tornado
12    disaster occurs and thereafter, the modified equalized
13    assessed value of the property for the previous taxable
14    year, increased by 4%.
15    "Tornado disaster" means an occurrence of widespread or
16severe damage or loss of property resulting from a tornado or
17combination of tornadoes that has been proclaimed as a natural
18disaster by the Governor or the President of the United States.
19    "Qualified parcel of property" means property that (i) is
20owned and used exclusively for commercial or industrial
21purposes by a small business and (ii) has been rebuilt
22following a tornado disaster occurring in taxable year 2013 or
23any taxable year thereafter.
24    "Small business" means a business that employs fewer than
2550 full-time employees.
26    Section 99. Effective date. This Act takes effect upon



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1becoming law.