Bill Text: IL SB2911 | 2023-2024 | 103rd General Assembly | Engrossed

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Bill Title: Amends the Property Tax Code. Reinserts the provisions of the introduced bill. Provides that the tax incentivized development must be established by an intergovernmental agreement to which the taxing district is a party. Effective immediately.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Engrossed) 2024-05-31 - Rule 19(a) / Re-referred to Rules Committee [SB2911 Detail]

Download: Illinois-2023-SB2911-Engrossed.html

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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Property Tax Code is amended by changing
Section 30-25 as follows:
(35 ILCS 200/30-25)
Sec. 30-25. Distributions from account.
(a) At the direction of the corporate authorities of a
taxing district, the treasurer of the taxing district shall
disburse the amounts held in the tax reimbursement account.
Unless the taxing district has divided the moneys as provided
in subsection (b), disbursements shall be made to all of the
owners of taxable homestead property within the taxing
district. Each owner of taxable homestead property shall
receive a proportionate share of the total disbursement based
on the amount of ad valorem taxes on taxable homestead
property paid by the owner to the taxing district under the
most recent tax bill.
(b) The corporate authorities of a taxing district may
direct the treasurer to divide the moneys deposited into the
account into 2 separate pools to be designated the homestead
property pool and the commercial or industrial property pool.
The amount to be deposited into each pool shall be determined

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by the corporate authorities of the taxing district, except
that at least 50% of the moneys in the account shall be
deposited into the homestead property pool. The treasurer
shall disburse the amounts held in each pool in the tax
reimbursement account at the direction of the corporate
authorities. Disbursements from the homestead property pool
shall be made to all of the owners of taxable homestead
property within the taxing district. Each owner of taxable
homestead property shall receive a proportionate share of the
total disbursement from the pool based on the amount of ad
valorem taxes on taxable homestead property paid by the owner
to the taxing district under the most recent tax bill.
Disbursements from the commercial or industrial property pool
shall be made to all of the owners of taxable commercial or
industrial property, except (i) those owners whose property is
located within a tax increment financing district, (ii) those
owners who received a tax incentive as a result of a tax
incentivized development established by an intergovernmental
agreement to which the taxing district is a party, or (iii)
those owners whose property is classified as an apartment
building. Each eligible owner of taxable commercial or
industrial property shall receive a proportionate share of the
total disbursement from the pool based on the amount of ad
valorem taxes on taxable commercial or industrial property
paid by the owner to the taxing district under the most recent
tax bill.

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(c) In determining the proportionate share of each owner
of homestead property, the numerator shall be the amount of
taxes on homestead property paid by that owner to the taxing
district under the most recent tax bill, and the denominator
shall be the aggregate total of all taxes on homestead
property paid by all owners to the taxing district under the
most recent tax bills.
(d) In determining the proportionate share of each owner
of commercial or industrial property, the numerator shall be
the amount of taxes on commercial or industrial property paid
by that owner to the taxing district under the most recent tax
bill, and the denominator shall be the aggregate total of all
taxes on commercial or industrial property paid by all owners
to the taxing district under the most recent tax bills less
taxes paid on commercial or industrial property located in a
tax increment financing district, taxes paid on commercial or
industrial property for which the owner received a tax
incentive as a result of a tax incentivized development
established by an intergovernmental agreement to which the
taxing district is a party, and taxes paid on an apartment
building.
(e) As used in this Section:
"Qualified redevelopment costs" means costs advanced by a
taxing district to a commercial or industrial property owner
to promote economic development when, but for the advancement
of the funds, the development would not be financially

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feasible.
"Tax incentivized development" means an economic
development project established by intergovernmental agreement
whereby a taxing district advances qualified redevelopment
costs to a commercial or industrial property owner.
(Source: P.A. 90-471, eff. 8-17-97.)