IL HB5646

Adds Section 18-184.15 to the Property Tax Code allowing counties or municipalities to abate a portion of taxes on newly constructed or improved commercial or industrial facilities by majority vote of the governing body.

LEED certified facilities or facilities providing direct medical services are eligible for up to $50,000 in annual tax abatement for up to 10 years.

All other qualifying commercial or industrial facilities are eligible for up to $30,000 in annual tax abatement for up to 5 years.

Abatement amount cannot exceed the actual amount attributable to the construction or improvements made to the property.

No abatement under this section may begin in taxable year 2024 or later.