IL HB4692

Allows counties, municipalities, villages, and townships to abate all or part of property taxes levied on qualified tool and manufacturing businesses beginning in taxable year 2015.

Permits taxing districts located within jurisdictions that approve tax abatement to also abate their taxes on the same business property after the initial jurisdiction's approval.

Defines "qualified tool and manufacturing business" as a business with fewer than 75 full-time employees and NAICS classification in manufacturing sectors including plastics, metals, machinery, electronics, equipment, transportation equipment, furniture, or miscellaneous manufacturing.

Defines "qualified tool and manufacturing business property" as property owned or leased by the business and used primarily for manufacturing operations, where at least 75% of gross revenue is generated from tool and manufacturing operations on that property.

Takes effect immediately upon enactment.