HB5568 98TH GENERAL ASSEMBLY

LRB098 17840 HLH 52964 b

98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB5568

Introduced , by Rep. Brandon W. Phelps

SYNOPSIS AS INTRODUCED:

35 ILCS 200/18-184.15 new

Amends the Property Tax Code. Provides that each taxing district may, by a majority vote of its governing authority, order the county clerk to abate any portion of its taxes on property that contains a structure operating as a small business if that structure has been rebuilt following a natural disaster occurring in taxable year 2012 or any taxable year thereafter. Defines "small business" to mean a business that employs fewer than 50 full-time employees. Effective immediately.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

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 adding Section 18-184.15 as follows:

(35 ILCS 200/18-184.15 new)

Sec. 18-184.15. Natural disaster abatement.

(a) Each taxing district may, by a majority vote of its governing authority, order the county clerk to abate any portion of its taxes on property that contains a structure operating as a small business if that structure has been rebuilt following a natural disaster occurring in taxable year 2012 or any taxable year thereafter. To be eligible for an abatement under this Section: (i) the structure must be rebuilt within 2 years after the date of the natural disaster; and (ii) 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.

(b) To receive the exemption, the taxpayer shall submit an application to the chief county assessment officer of the county in which the property is located by July 1 of each taxable year. A county may, by resolution, establish a date for submission of applications that is different than July 1. The chief county assessment officer may require additional documentation to be provided by the applicant.

(c) As used in this Section:

"Chief county assessment officer" means the County Assessor or Supervisor of Assessments of the county in which the property is located.

"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 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. A proclamation of disaster by the President of the United States or Governor of the State of Illinois is not a prerequisite to the classification of an occurrence as a natural disaster under this Section.

"Small business" means a business that employs fewer than 50 full-time employees.

Section 99. Effective date. This Act takes effect upon becoming law.