90th General Assembly
Summary of SB0677
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Senate Sponsors:
JACOBS.

House Sponsors:
BRUNSVOLD

Short description: 
PROP TX-ABATEMENT-INDUSTRIES                                               

Synopsis of Bill as introduced:
        Amends the Property Tax Code. Includes in the list of  commercial      
   and  industrial property that may receive a tax abatement the property      
   of any commercial or industrial firm currently located in  the  taxing      
   district  with  the  intent  of  expanding a facility or its number of      
   employees. Provides that the abatement shall not exceed a period of 10      
   years and an aggregate amount of $10,000,000 for all taxing districts.      
   Increases the aggregate abatement for property of  any  commercial  or      
   industrial  firm  locating  within  the  taxing  district  during  the      
   immediately  preceding  year from another state, territory, or county,      
   or newly created during the immediately preceding year from $3,000,000      
   to $10,000,000.                                                             
        SENATE AMENDMENT NO. 1.                                                
        Provides that the property tax  abatement  for  a  commercial  or      
   industrial  firm  currently  located  in  the taxing district that ex-      
   pands a facility (now with the intent of expanding a facility) or its       
   number of employees shall not exceed an aggregate amount of $4,000,000      
   for all taxing districts (now $10,000,000). Deletes amendatory lan-         
   guage increasing from $3,000,000 to $10,000,000 the aggregate abate-        
   ment for property of any commercial or industrial firm locating within      
   the taxing district during the immediately preceding year or newly          
   created during the immediately preceding year and increases it instead      
   from $3,000,000 to $4,000,000.                                              
        SENATE AMENDMENT NO. 2.                                                
        Provides that property designed exclusively  for  the  racing  of      
   motor  vehicles  which is located within a county with 130,000 or more      
   but less than 150,000 inhabitants may, upon the majority vote  of  the      
   governing authority, receive a property tax abatement.                      
        SENATE AMENDMENT NO. 3.                                                
        Provides that any taxing district may abate the taxes on property      
   designed exclusively for the racing of motor vehicles  (now,  property      
   designed  exclusively  for  the  racing of motor vehicles which became      
   subject to property taxation after September 24, 1984 and  is  located      
   within   a   county  with  225,000  or  more  but  less  than  300,000      
   inhabitants).                                                               
        HOUSE AMENDMENT NO. 1.                                                 
          Adds reference to:                                                   
          55 ILCS 5/5-1008.5 new                                               
          70 ILCS 510/18.2 rep.                                                
        Amends the Counties Code.  Allows the Rock Island  County  Board,      
   upon  referendum  approval,  to  impose a retailers' occupation tax, a      
   service occupation tax, and a use tax at a rate of 1/4 of 1%  for  the      
   sole   purpose   of  obtaining  funds  for  the  economic  development      
   activities of Rock Island county and communities  located  within  the      
   county, including creation and retention of job opportunities, support      
   of  affordable  housing  opportunities,  and enhancement of quality of      
   life improvements.  Repeals a Section  in  the  Quad  Cities  Regional      
   Economic  Development  Authority Act allowing the Quad Cities Regional      
   Economic Development Authority, upon referendum approval, to impose  a      
   retailers'  occupation  tax  and a service occupation tax to finance a      
   U.S. Department of Defense  facility.   Adds  an  immediate  effective      
   date.                                                                       
          FISCAL NOTE, H-AM 1 (Dept. of Revenue)                               
          SB 677 will generate an estimated $2,780,000, annually for the       
          Rock Island County Board for economic development activities of      
          the Quad Cities Regional Economic Development Authority. The         
          Dept. of Revenue will realize additional indeterminable admini-      
          stative costs for collection and enforcement of this tax with-       
          out compensation.                                                    
 
Last action on Bill: PUBLIC ACT.............................. 90-0415

   Last action date: 97-08-15

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   3


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