State of Illinois
92nd General Assembly
Legislation

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92_SB0538

 
                                               LRB9204323REtm

 1        AN ACT concerning taxes.

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

 4        Section 5.  The Property Tax Code is amended by  changing
 5    Section 18-165 as follows:

 6        (35 ILCS 200/18-165)
 7        Sec. 18-165. Abatement of taxes.
 8        (a)  Any  taxing  district,  upon  a majority vote of its
 9    governing authority, may,  after  the  determination  of  the
10    assessed  valuation  of its property, order the clerk of that
11    county to abate any portion of its  taxes  on  the  following
12    types of property:
13             (1)  Commercial and industrial.
14                  (A)  The   property   of   any   commercial  or
15             industrial firm, including but not  limited  to  the
16             property  of  any  firm that is used for collecting,
17             separating,  storing,   or   processing   recyclable
18             materials,   locating  within  the  taxing  district
19             during the immediately preceding year  from  another
20             state,  territory,  or country, or having been newly
21             created within this  State  during  the  immediately
22             preceding  year,  or expanding an existing facility.
23             The abatement shall not exceed a period of 10  years
24             and  the  aggregate  amount  of abated taxes for all
25             taxing   districts   combined   shall   not   exceed
26             $4,000,000; or
27                  (B)  The  property   of   any   commercial   or
28             industrial  development of at least 500 acres having
29             been  created  within  the  taxing  district.    The
30             abatement  shall not exceed a period of 20 years and
31             the aggregate amount of abated taxes for all  taxing
 
                            -2-                LRB9204323REtm
 1             districts combined shall not exceed $12,000,000.
 2                  (C)  The   property   of   any   commercial  or
 3             industrial firm  currently  located  in  the  taxing
 4             district  that  expands  a facility or its number of
 5             employees. The abatement shall not exceed  a  period
 6             of 10 years and the aggregate amount of abated taxes
 7             for  all  taxing districts combined shall not exceed
 8             $4,000,000. The abatement period may be  renewed  at
 9             the option of the taxing districts.
10             (2)  Horse  racing.   Any  property  in  the  taxing
11        district  which is used for the racing of horses and upon
12        which  capital  improvements  consisting  of   expansion,
13        improvement  or  replacement  of existing facilities have
14        been made since July 1, 1987.   The  combined  abatements
15        for such property from all taxing districts in any county
16        shall not exceed $5,000,000 annually and shall not exceed
17        a period of 10 years.
18             (3)  Auto racing.  Any property designed exclusively
19        for  the  racing  of motor vehicles. Such abatement shall
20        not exceed a period of 10 years.
21             (4)  Academic or research institute.   The  property
22        of  any  academic  or  research  institute  in the taxing
23        district  that  (i)  is  an  exempt  organization   under
24        paragraph  (3)  of Section 501(c) of the Internal Revenue
25        Code, (ii) operates for the  benefit  of  the  public  by
26        actually  and  exclusively performing scientific research
27        and making the results of the research available  to  the
28        interested  public  on  a  non-discriminatory  basis, and
29        (iii) employs more  than  100  employees.   An  abatement
30        granted  under  this  paragraph  shall be for at least 15
31        years and the aggregate amount of abated  taxes  for  all
32        taxing districts combined shall not exceed $5,000,000.
33             (5)  Housing for older persons.  Any property in the
34        taxing district that is devoted exclusively to affordable
 
                            -3-                LRB9204323REtm
 1        housing  for  older  households.   For  purposes  of this
 2        paragraph, "older households" means those households  (i)
 3        living  in  housing  provided  under any State or federal
 4        program that the Department of Human Rights determines is
 5        specifically designed  and  operated  to  assist  elderly
 6        persons and is solely occupied by persons 55 years of age
 7        or older and (ii) whose annual income does not exceed 80%
 8        of  the  area  gross  median  income, adjusted for family
 9        size,  as  such  gross  income  and  median  income   are
10        determined  from  time  to  time  by  the  United  States
11        Department   of   Housing  and  Urban  Development.   The
12        abatement shall not exceed a period of 15 years, and  the
13        aggregate amount of abated taxes for all taxing districts
14        shall not exceed $3,000,000.
15             (6)  Historical  society.  For assessment years 1998
16        through 2003 2000, the property of an historical  society
17        qualifying   as  an  exempt  organization  under  Section
18        501(c)(3) of the federal Internal Revenue Code.
19             (7)  Recreational facilities.  Any property  in  the
20        taxing district (i) that is used for a municipal airport,
21        (ii)  that  is  subject  to  a leasehold assessment under
22        Section 9-195 of this Code and (iii) which is sublet from
23        a park district that  is  leasing  the  property  from  a
24        municipality,   but   only   if   the  property  is  used
25        exclusively for recreational facilities  or  for  parking
26        lots   used   exclusively   for  those  facilities.   The
27        abatement shall not exceed a period of 10 years.
28        (b)  Upon a majority vote of its governing authority, any
29    municipality may, after the  determination  of  the  assessed
30    valuation  of  its  property, order the county clerk to abate
31    any portion of its taxes on  any  property  that  is  located
32    within the corporate limits of the municipality in accordance
33    with Section 8-3-18 of the Illinois Municipal Code.
34    (Source:  P.A.  90-46,  eff.  7-3-97;  90-415,  eff. 8-15-97;
 
                            -4-                LRB9204323REtm
 1    90-568, eff.  1-1-99;  90-655,  eff.  7-30-98;  91-644,  eff.
 2    8-20-99; 91-885, eff. 7-6-00.)

 3        Section  99.  Effective date.  This Act takes effect upon
 4    becoming law.

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