IL SB1519

Beginning in taxable year 2014, counties, municipalities, villages, and townships may abate all or a portion of property taxes levied on qualified tool and manufacturing businesses upon approval of an ordinance or resolution.

Taxing districts located within jurisdictions that approve abatements may also abate their own tax levies on these businesses and must order the county clerk to implement the abatement.

"Qualified tool and manufacturing business" is defined as a business with fewer than 75 full-time employees and a NAICS classification in one of nine manufacturing subsectors: plastics and rubber products (326), primary metal (331), fabricated metal products (332), machinery (333), computer and electronic products (334), electrical equipment (335), transportation equipment (336), furniture (337), or miscellaneous manufacturing (339).

"Qualified tool and manufacturing business property" includes property owned or leased by the business and used primarily for manufacturing operations if 75% or more of gross revenue is generated from tool and manufacturing operations on that property during the taxable year.

The Act takes effect upon becoming law.