| |||||||
| |||||||
| |||||||
| 1 | AMENDMENT TO SENATE BILL 2531
| ||||||
| 2 | AMENDMENT NO. ______. Amend Senate Bill 2531 by replacing | ||||||
| 3 | everything after the enacting clause with the following:
| ||||||
| 4 | "Section 5. The Property Tax Code is amended by adding | ||||||
| 5 | Section 18-184.15 as follows: | ||||||
| 6 | (35 ILCS 200/18-184.15 new) | ||||||
| 7 | Sec. 18-184.15. Qualified forest property abatement for | ||||||
| 8 | new housing developments. | ||||||
| 9 | (a) Notwithstanding any other provision of law, the county | ||||||
| 10 | clerk shall abate 10% of the taxes imposed on qualified forest | ||||||
| 11 | property that is part of a proposed new housing development. To | ||||||
| 12 | qualify for the abatement, the owner of the property shall | ||||||
| 13 | obtain approval from the Department of Natural Resources. The | ||||||
| 14 | application for approval shall include a conservation plan | ||||||
| 15 | prepared by an arborist for the property as well as a new | ||||||
| 16 | housing development plan, both submitted by the owner of the | ||||||
| |||||||
| |||||||
| 1 | property. Upon approval by the Department of Natural Resources, | ||||||
| 2 | the abatement shall continue as long as the property meets the | ||||||
| 3 | criteria for qualified forest property set forth in this | ||||||
| 4 | Section. | ||||||
| 5 | (b) As used in this Section: | ||||||
| 6 | "New housing development plan" means a proposed | ||||||
| 7 | development plan with structures that will be used as a home or | ||||||
| 8 | residence by one or more persons, including but not limited to, | ||||||
| 9 | manufactured homes or multifamily housing. | ||||||
| 10 | "Qualified forest property" means land of at least one acre | ||||||
| 11 | that: (i) is at least 10% stocked by forest trees of any size; | ||||||
| 12 | (ii) includes forest strips that are at least 120 feet wide; | ||||||
| 13 | (iii) is managed in accordance with a conservation plan | ||||||
| 14 | approved by the Department of Natural Resources under | ||||||
| 15 | subsection (a); and (iv) is not developed for non-forest use as | ||||||
| 16 | of January 1 of the first taxable year of the abatement.
| ||||||
| 17 | Section 99. Effective date. This Act takes effect upon | ||||||
| 18 | becoming law.".
| ||||||