IL HB1414

Amends the Property Tax Extension Limitation Law to allow taxing districts to recapture lost taxing capacity after a property tax abatement expires

When a taxing district grants a property tax abatement for a defined period measured in levy years, the district's aggregate extension base in the first year after expiration equals the last preceding aggregate extension plus the expired abatement amount

Prevents taxing districts from being permanently penalized under PTELL (Property Tax Extension Limitation Law) for granting temporary tax abatements to incentivize development

Applies to non-home rule taxing districts in counties with 3,000,000+ inhabitants or counties contiguous to such counties (primarily the Chicago metropolitan area)

Takes effect immediately upon becoming law