Bill Text: IL HB1558 | 2015-2016 | 99th General Assembly | Introduced
Bill Title: Amends the Property Tax Code. In a Section concerning the valuation of commercial or industrial property that has been rebuilt following a tornado disaster, provides for a partial reduction in equalized assessed value if the square footage of the rebuilt structure exceeds 110% of the square footage of the original structure (currently, property is not entitled to a reduction if the square footage of the rebuilt structure exceeds 110% of the square footage of the original structure). Effective immediately.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2015-03-27 - Rule 19(a) / Re-referred to Rules Committee [HB1558 Detail]
Download: Illinois-2015-HB1558-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Property Tax Code is amended by changing | ||||||||||||||||||||||||
5 | Section 10-700 as follows:
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6 | (35 ILCS 200/10-700) | ||||||||||||||||||||||||
7 | Sec. 10-700. Qualified commercial and industrial property; | ||||||||||||||||||||||||
8 | tornado disaster. Notwithstanding any other provision of law, | ||||||||||||||||||||||||
9 | each qualified parcel of commercial or industrial property | ||||||||||||||||||||||||
10 | owned and used by a small business shall be valued at the | ||||||||||||||||||||||||
11 | lesser of (i) its modified equalized assessed value or (ii) 33 | ||||||||||||||||||||||||
12 | 1/3% of its fair cash value or, in the case of property located | ||||||||||||||||||||||||
13 | in a county that classifies property for purposes of taxation | ||||||||||||||||||||||||
14 | in accordance with Section 4 of Article IX of the Constitution, | ||||||||||||||||||||||||
15 | the percentage of fair cash value as required by county | ||||||||||||||||||||||||
16 | ordinance. The method of valuation under this Section shall | ||||||||||||||||||||||||
17 | continue until there is a change in use or ownership of the | ||||||||||||||||||||||||
18 | property or until the fifteenth taxable year after the tornado | ||||||||||||||||||||||||
19 | disaster occurs, whichever occurs first. In order to qualify | ||||||||||||||||||||||||
20 | for valuation under this Section, the structure must be rebuilt | ||||||||||||||||||||||||
21 | within 2 years after the date of the tornado disaster . If , and | ||||||||||||||||||||||||
22 | the square footage of the rebuilt structure does not exceed may | ||||||||||||||||||||||||
23 | not be more than 110% of the square footage of the original |
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1 | structure as it existed immediately prior to the tornado | ||||||
2 | disaster , then the property is entitled to 100% of the | ||||||
3 | reduction in equalized assessed value created under this | ||||||
4 | Section. If the square footage of the rebuilt structure exceeds | ||||||
5 | 110% of the square footage of the original structure as it | ||||||
6 | existed immediately prior to the tornado disaster, then the | ||||||
7 | amount of the reduction in equalized assessed value shall be | ||||||
8 | modified by a multiplier the numerator of which is 110% of the | ||||||
9 | square footage of the original structure and the denominator of | ||||||
10 | which is the total square footage of the rebuilt structure . | ||||||
11 | "Base year" means the taxable year prior to the taxable | ||||||
12 | year in which the tornado disaster occurred. | ||||||
13 | "Modified equalized assessed value" means: | ||||||
14 | (1) in the first taxable year after the tornado | ||||||
15 | disaster occurs, the equalized assessed value of the | ||||||
16 | property for the base year; and | ||||||
17 | (2) in the second taxable year after the tornado | ||||||
18 | disaster occurs and thereafter, the modified equalized | ||||||
19 | assessed value of the property for the previous taxable | ||||||
20 | year, increased by 4%. | ||||||
21 | "Tornado disaster" means an occurrence of widespread or | ||||||
22 | severe damage or loss of property resulting from a tornado or | ||||||
23 | combination of tornadoes that has been proclaimed as a natural | ||||||
24 | disaster by the Governor or the President of the United States. | ||||||
25 | "Qualified parcel of property" means property that (i) is | ||||||
26 | owned and used exclusively for commercial or industrial |
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1 | purposes by a small business and (ii) has been rebuilt | ||||||
2 | following a tornado disaster occurring in taxable year 2013 or | ||||||
3 | any taxable year thereafter. | ||||||
4 | "Small business" means a business that employs fewer than | ||||||
5 | 50 full-time employees.
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6 | (Source: P.A. 98-702, eff. 7-7-14.)
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7 | Section 99. Effective date. This Act takes effect upon | ||||||
8 | becoming law.
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