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IL HB4354

Bill

Official Source

Status

Failed

12/3/2014

Primary Sponsor

Chad Hays

Click for details

Origin

House of Representatives

98th General Assembly

AI Summary

  • Amends the Property Tax Code to add Division 19 regarding qualified commercial and industrial property affected by natural disasters
  • Small business commercial or industrial property damaged by natural disaster is valued at the lesser of its modified equalized assessed value or 33 1/3% of its fair cash value
  • Valuation method applies for 15 taxable years after the disaster or until ownership/use changes, whichever occurs first
  • Rebuilding must occur within 2 years of the disaster with square footage not exceeding 110% of the original structure
  • Applies to small businesses with fewer than 50 full-time employees; natural disasters must be proclaimed by the Governor or President

Legislative Description

PROP TX-COMMERCIAL PROPERTY

Last Action

Session Sine Die

12/3/2014

Committee Referrals

Rules3/28/2014
Property Tax3/21/2014
Revenue & Finance3/19/2014
Rules1/28/2014

Full Bill Text

No bill text available