Bill Text: IL HB4354 | 2013-2014 | 98th General Assembly | Amended

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Bill Title: Amends the Property Tax Code. Creates an abatement for property that (i) is used exclusively for commercial or industrial purposes and (ii) has been rebuilt following a natural disaster occurring in taxable year 2013 or any taxable year thereafter. Effective immediately.

Spectrum: Bipartisan Bill

Status: (Failed) 2014-12-03 - Session Sine Die [HB4354 Detail]

Download: Illinois-2013-HB4354-Amended.html

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Rep. Chad Hays

Filed: 3/21/2014

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AMENDMENT TO HOUSE BILL 4354
AMENDMENT NO. ______. Amend House Bill 4354 by replacing
everything after the enacting clause with the following:
"Section 5. The Property Tax Code is amended by adding
Division 19 to Article 10 as follows:
(35 ILCS 200/Art. 10 Div. 19 heading new)
DIVISION 19. QUALIFIED COMMERCIAL AND INDUSTRIAL PROPERTY
(35 ILCS 200/10-700 new)
Sec. 10-700. Qualified commercial and industrial property;
natural disaster. Notwithstanding any other provision of law,
each qualified parcel of commercial or industrial property
owned and used by a small business shall be valued at the
lesser of (i) its modified equalized assessed value or (ii) 33
1/3% of its fair cash value. The method of valuation under this
Section shall continue until there is a change in use or

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ownership of the property or until the fifteenth taxable year
after the natural disaster occurs, whichever occurs first. In
order to qualify for valuation under this Section, the
structure must be rebuilt within 2 years after the date of the
natural 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
natural disaster.
"Base year" means the taxable year prior to the taxable
year in which the natural disaster occurred.
"Modified equalized assessed value" means:
(1) in the first taxable year after the natural
disaster occurs, the equalized assessed value of the
property for the base year; and
(2) in the second taxable year after the natural
disaster occurs and thereafter, the modified equalized
assessed value of the property for the previous taxable
year, increased by 4%.
"Natural disaster" means an occurrence of widespread or
severe damage or loss of property resulting from any
catastrophic cause including, but not limited to, fire, flood,
earthquake, wind, storm, or extended period of severe inclement
weather. In the case of a commercial or industrial structure
affected by flooding, the structure shall not be eligible for
this exemption unless it is located within a local jurisdiction
which is participating in the National Flood Insurance Program.

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The natural disaster shall be proclaimed as such by the
Governor or the President of the United States.
"Qualified parcel of property" means property that (i) is
owned and used exclusively for commercial or industrial
purposes by a small business and (ii) has been rebuilt
following a natural disaster occurring in taxable year 2013 or
any taxable year thereafter.
"Small business" means a business that employs fewer than
50 full-time employees.
Section 99. Effective date. This Act takes effect upon
becoming law.".