IL SB0319

County clerk shall abate 10% of taxes imposed on qualified forest property that is part of a proposed new housing development.

Property owner must obtain Department of Natural Resources approval and submit both a conservation plan prepared by an arborist and a new housing development plan.

"Qualified forest property" is defined as land of at least one acre that is at least 10% stocked by forest trees, includes forest strips at least 120 feet wide, is managed under an approved conservation plan, and was not developed for non-forest use as of January 1 of the first taxable year of the abatement.

"New housing development plan" means a proposed development with structures for residential use, including manufactured homes or multifamily housing.

Act takes effect immediately upon becoming law.