HB0212eng 97TH GENERAL ASSEMBLY

HB0212 Engrossed LRB097 02920 HLH 42944 b

AN ACT concerning local government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by adding Section 18-184.10 as follows:

(35 ILCS 200/18-184.10 new)

Sec. 18-184.10. Business corridors; abatement.

(a) The county clerk shall abate property taxes levied by an affected taxing district on property that meets the following requirements:

(1) the property does not qualify as exempt property under Section 15-95 of this Code; and

(2) the property is situated in a business corridor created by intergovernmental agreement between 2 adjoining disadvantaged municipalities.

(b) A business corridor created under this Section shall encompass only territory along the common border of the municipalities that is (i) undeveloped or underdeveloped and (ii) not likely to be developed without the creation of the business corridor.

The intergovernmental agreement shall specify the territory to be included in the business corridor. The agreement shall also provide for the percentage amount and duration of an abatement under this Section and for any other provision necessary to carry out the provisions of this Section. No abatement under this Section shall exceed 10 years in duration. Upon adoption of the agreement provided for under this Section, the municipalities must deliver a certified copy of the agreement to the county clerk.

(c) As used in this Section:

"Affected taxing district" means both (i) municipalities party to the intergovernmental agreement and (ii) any school district that (A) levies property taxes upon property in the business corridor and (B) has maintained an unrestricted fund balance of at least 20% of its total direct expenditures for the most recent 2 years that data is available, as reported in the districts' Annual Financial Reports to the Illinois State Board of Education.

"Disadvantaged municipality" means a municipality with (i) a per capita equalized assessed valuation (EAV) less than 60% of the State average and (ii) more than 15% of its population below the national poverty level.