92nd General Assembly
Status of HB5635
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 Full Text  Bill Summary

   35 ILCS 200/15-163 new                                                      

        Amends the Property  Tax  Code.  Creates  a  housing  opportunity      
   exemption. Contains a caption only.                                         
        HOUSE AMENDMENT NO. 1.                                                 
          Deletes reference to:                                                
          35 ILCS 200/15-163 new                                               
          Adds reference to:                                                   
          35 ILCS 200/15-5                                                     
          35 ILCS 200/15-181 new                                               
          30 ILCS 805/8.26 new                                                 
        Deletes everything after the enacting clause. Amends the Property      
   Tax Code. Creates the Housing  Choice  Exemption.  Provides  that  the      
   owner  of  a  qualified  rental  unit  located  in a qualified area is      
   entitled to an annual Housing Choice Exemption limited to a  reduction      
   in  the equalized assessed value of the residential rental property of      
   $10,000 per qualified unit (up to 2 per property); however, the  total      
   amount of the exemption shall not exceed 20% of the equalized assessed      
   value  of  the property. Provides that the exemption is  available for      
   residential rental units rented to persons holding Section 8  vouchers      
   issued  by  a  housing  authority,  if the rental unit is located in a      
   designated  low-poverty  area.  Allows  municipalities,   except   for      
   municipalities  with 1,000,000 or more inhabitants, to be disqualified      
   from  the  exemption  provisions  if  the  rental  patterns   in   the      
   municipality  meet certain requirements. Amends the State Mandates Act      
   to require implementation without reimbursement from the State.             
   FEB-06-2002  H  FILED WITH CLERK                                               
   FEB-06-2002  H  FIRST READING                                                  
   FEB-06-2002  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   FEB-14-2002  H       ASSIGNED TO COMMITTEE               REVENUE               
   FEB-14-2002  H  PRIMARY SPONSOR CHANGED TO               KRAUSE                
   FEB-14-2002  H  ADDED AS A JOINT SPONSOR                 HAMOS                 
   FEB-22-2002  H                             AMENDMENT NO. 01-REVENUE       H    
   FEB-22-2002  H                                   ADOPTED SUBCOM                
   FEB-22-2002  H  DO PASS AMENDED/SHORT DEBATE             011-000-000   HREV    
   FEB-22-2002  H  PLACED CALENDAR 2ND READING-SHORT DEBATE                       
   MAR-22-2002  H  SECOND READING-SHORT DEBATE                                    
   MAR-22-2002  H  HELD ON CAL ORDER 2ND RDG - SHORT DEBATE                       
   APR-05-2002  H  RE-REFERRED TO RULES COMM/RULE 19(A)     RULES         HRUL    
   JAN-07-2003  H  SESSION SINE DIE                                               


 Full Text  Bill Summary