PROP TX-ABATEMENT Senate SponsorsSen. Robert F. Martwick 2/3/2026SenateAssigned to Revenue 35 ILCS 200/18-167 new35 ILCS 200/20-15Amends the Property Tax Code. Provides that a municipality may, by ordinance, designate an area within its jurisdiction as a retail improvement abatement area if the area (i) is a contiguous area, (ii) consists of at least one-half square mile and  not more than 12 square miles, exclusive of lakes and waterways, and (iii) has a vacancy rate for retail properties that exceeds 40% at the time the ordinance is adopted. Provides that owners of retail property that is in a retail improvement abatement area may enter into one or more agreements with any of the taxing districts in which the property is located to abate all or a portion of the taxes levied by the taxing district on the subject property. Provides that the agreement shall require the property owner to make a special payment to the taxing district in lieu of the property taxes that would otherwise be imposed on the property. 1/16/2026SenateFiled with Secretary by Sen. Robert F. Martwick 1/16/2026SenateFirst Reading 1/16/2026SenateReferred to Assignments 2/3/2026SenateAssigned to Revenue 3/13/2026SenateRule 2-10 Committee Deadline Established As April 24, 2026