Illinois House Bill 4975 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 26 2022 - 25% progression, died in committee
Action: 2022-02-18 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Property Tax Code. Defines "flooding disaster." Provides that in order to qualify for valuation as a qualified commercial and industrial property, the structure must be rebuilt within 2 years after the date of the tornado disaster or flooding disaster, (currently, tornado disaster) and the square footage of the rebuilt structure may not be more than 110% of the square footage of the original structure as it existed immediately prior to the tornado disaster or flooding disaster (currently, tornado disaster). Modifies "base year" to include tornado disaster or flooding disaster (currently, tornado disaster). Makes similar changes regarding "modified equalized assessed value" and "qualified parcel of property." Effective immediately.

PROP TX-FLOODING DISASTER

Sen. Thomas Bennett [R]

Date	Chamber	Action
2022-02-18	House	Rule 19(a) / Re-referred to Rules Committee
2022-02-15	House	To Property Tax Subcommittee
2022-02-09	House	Assigned to Revenue & Finance Committee
2022-01-27	House	Referred to Rules Committee
2022-01-27	House	First Reading
2022-01-26	House	Filed with the Clerk by Rep. Thomas M. Bennett

Chapter	Article	Section	Citation Type	Statute Text
35	200	10-700	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4975&GAID=16&DocTypeID=HB&SessionID=110&GA=102
Text	https://www.ilga.gov/legislation/102/HB/10200HB4975.htm