IL HB5505

Adds crude oil refining facilities in counties with less than 1,000,000 inhabitants to properties eligible for real property tax assessment settlement agreements if litigation regarding assessed valuation was pending as of January 1, 2011.

Excludes wind turbines and ethanol producing facilities from the definition of pollution control facilities, though systems and equipment appurtenant to ethanol facilities may still qualify as pollution control facilities.

Changes Department of Revenue standard for valuing pollution control facilities from mandatory to discretionary consideration of specified factors (actual or probable net earnings, net value if removed and sold, or other relevant information) when reasonable.

Sets the effective date of pollution control facility certificates as January 1 of the year the certificate is issued, replacing the prior standard of application date or construction date, whichever is later.

Takes effect immediately upon becoming law.