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| 1 | AN ACT concerning revenue.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Property Tax Code is amended by adding | ||||||
| 5 | Division 19 to Article 10 as follows: | ||||||
| 6 | (35 ILCS 200/Art. 10 Div. 19 heading new) | ||||||
| 7 | DIVISION 19. QUALIFIED COMMERCIAL AND INDUSTRIAL PROPERTY | ||||||
| 8 | (35 ILCS 200/10-700 new) | ||||||
| 9 | Sec. 10-700. Qualified commercial and industrial property; | ||||||
| 10 | tornado disaster. Notwithstanding any other provision of law, | ||||||
| 11 | each qualified parcel of commercial or industrial property | ||||||
| 12 | owned and used by a small business shall be valued at the | ||||||
| 13 | lesser of (i) its modified equalized assessed value or (ii) 33 | ||||||
| 14 | 1/3% of its fair cash value or, in the case of property located | ||||||
| 15 | in a county that classifies property for purposes of taxation | ||||||
| 16 | in accordance with Section 4 of Article IX of the Constitution, | ||||||
| 17 | the percentage of fair cash value as required by county | ||||||
| 18 | ordinance. The method of valuation under this Section shall | ||||||
| 19 | continue until there is a change in use or ownership of the | ||||||
| 20 | property or until the fifteenth taxable year after the tornado | ||||||
| 21 | disaster occurs, whichever occurs first. In order to qualify | ||||||
| 22 | for valuation under this Section, the structure must be rebuilt | ||||||
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| 1 | within 2 years after the date of the tornado disaster, and the | ||||||
| 2 | square footage of the rebuilt structure may not be more than | ||||||
| 3 | 110% of the square footage of the original structure as it | ||||||
| 4 | existed immediately prior to the tornado disaster. | ||||||
| 5 | "Base year" means the taxable year prior to the taxable | ||||||
| 6 | year in which the tornado disaster occurred. | ||||||
| 7 | "Modified equalized assessed value" means: | ||||||
| 8 | (1) in the first taxable year after the tornado | ||||||
| 9 | disaster occurs, the equalized assessed value of the | ||||||
| 10 | property for the base year; and | ||||||
| 11 | (2) in the second taxable year after the tornado | ||||||
| 12 | disaster occurs and thereafter, the modified equalized | ||||||
| 13 | assessed value of the property for the previous taxable | ||||||
| 14 | year, increased by 4%. | ||||||
| 15 | "Tornado disaster" means an occurrence of widespread or | ||||||
| 16 | severe damage or loss of property resulting from a tornado or | ||||||
| 17 | combination of tornadoes that has been proclaimed as a natural | ||||||
| 18 | disaster by the Governor or the President of the United States. | ||||||
| 19 | "Qualified parcel of property" means property that (i) is | ||||||
| 20 | owned and used exclusively for commercial or industrial | ||||||
| 21 | purposes by a small business and (ii) has been rebuilt | ||||||
| 22 | following a tornado disaster occurring in taxable year 2013 or | ||||||
| 23 | any taxable year thereafter. | ||||||
| 24 | "Small business" means a business that employs fewer than | ||||||
| 25 | 50 full-time employees.
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| 26 | Section 99. Effective date. This Act takes effect upon | ||||||
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| 1 | becoming law. | ||||||