Illinois 2023-2024 Regular Session

Illinois House Bill HB2790 Compare Versions

Only one version of the bill is available at this time.

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1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2790 Introduced , by Rep. William "Will" Davis SYNOPSIS AS INTRODUCED: New Act Creates the Economic Development Property Tax Grant Program Act. Provides that the Department of Commerce and Economic Opportunity shall award property tax grants to each business that (i) is an approved applicant under the Invest in Illinois Act, the Economic Development for a Growing Economy Tax Credit Act, the Manufacturing Illinois Chips for Real Opportunity (MICRO) Act, or the Reimagining Electric Vehicles in Illinois Act and (ii) owns property in an underserved area. Sets forth the amount of the grants. Effective immediately. LRB103 28653 HLH 55034 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2790 Introduced , by Rep. William "Will" Davis SYNOPSIS AS INTRODUCED: New Act New Act Creates the Economic Development Property Tax Grant Program Act. Provides that the Department of Commerce and Economic Opportunity shall award property tax grants to each business that (i) is an approved applicant under the Invest in Illinois Act, the Economic Development for a Growing Economy Tax Credit Act, the Manufacturing Illinois Chips for Real Opportunity (MICRO) Act, or the Reimagining Electric Vehicles in Illinois Act and (ii) owns property in an underserved area. Sets forth the amount of the grants. Effective immediately. LRB103 28653 HLH 55034 b LRB103 28653 HLH 55034 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2790 Introduced , by Rep. William "Will" Davis SYNOPSIS AS INTRODUCED:
3	3	New Act New Act
4	4	New Act
5	5	Creates the Economic Development Property Tax Grant Program Act. Provides that the Department of Commerce and Economic Opportunity shall award property tax grants to each business that (i) is an approved applicant under the Invest in Illinois Act, the Economic Development for a Growing Economy Tax Credit Act, the Manufacturing Illinois Chips for Real Opportunity (MICRO) Act, or the Reimagining Electric Vehicles in Illinois Act and (ii) owns property in an underserved area. Sets forth the amount of the grants. Effective immediately.
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8	8	A BILL FOR
9	9	HB2790LRB103 28653 HLH 55034 b HB2790 LRB103 28653 HLH 55034 b
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11	11	1 AN ACT concerning revenue.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 1. Short title. This Act may be cited as the
15	15	5 Economic Development Property Tax Grant Program Act.
16	16	6 Section 5. Definitions. As used in this Act:
17	17	7 "Base year property taxes" means the amount of property
18	18	8 taxes billed for the subject parcels in the year before the
19	19	9 year in which real property capital improvements are placed in
20	20	10 service.
21	21	11 "Current year property taxes" means the amount of property
22	22	12 taxes billed for the subject parcels in the year for which the
23	23	13 grant is awarded.
24	24	14 "Department" means the Department of Commerce and Economic
25	25	15 Opportunity.
26	26	16 "Qualified property" means property that is owned by a
27	27	17 business that is eligible for a grant under this Act and that
28	28	18 is located in an underserved area.
29	29	19 "Underserved area" has the meaning given to that term in
30	30	20 Section 5-5 of the Economic Development for a Growing Economy
31	31	21 Tax Credit Act.
32	32	22 Section 10. Property tax grants.
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36	36	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2790 Introduced , by Rep. William "Will" Davis SYNOPSIS AS INTRODUCED:
37	37	New Act New Act
38	38	New Act
39	39	Creates the Economic Development Property Tax Grant Program Act. Provides that the Department of Commerce and Economic Opportunity shall award property tax grants to each business that (i) is an approved applicant under the Invest in Illinois Act, the Economic Development for a Growing Economy Tax Credit Act, the Manufacturing Illinois Chips for Real Opportunity (MICRO) Act, or the Reimagining Electric Vehicles in Illinois Act and (ii) owns property in an underserved area. Sets forth the amount of the grants. Effective immediately.
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41	41	LRB103 28653 HLH 55034 b
42	42	A BILL FOR
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48	48	New Act
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67	67	1 (a) In addition to any other incentives provided by law,
68	68	2 the Department shall award property tax grants to each
69	69	3 business that (i) is an approved applicant under the Invest in
70	70	4 Illinois Act, the Economic Development for a Growing Economy
71	71	5 Tax Credit Act, the Manufacturing Illinois Chips for Real
72	72	6 Opportunity (MICRO) Act, or the Reimagining Electric Vehicles
73	73	7 in Illinois Act and (ii) is located in an underserved area.
74	74	8 Eligible businesses shall receive grants under this Act for
75	75	9 qualified property beginning with the first year in which the
76	76	10 real property capital improvements that are placed in service
77	77	11 by the approved applicant result in an increased real property
78	78	12 assessment and increased property taxes over the base year
79	79	13 property taxes.
80	80	14 (b) For the first 5 years in which the applicant is
81	81	15 eligible for a grant under this Section with respect to a
82	82	16 specific qualified property, the amount of the grant shall be
83	83	17 100% of the difference between the current year property taxes
84	84	18 for the property and the base year property taxes for the
85	85	19 property. For the sixth through the tenth years in which the
86	86	20 applicant is eligible for a grant under this Section with
87	87	21 respect to a specific qualified property, the amount of the
88	88	22 grant shall be as follows:
89	89	23 (1) in year 6, 90% of the difference between the
90	90	24 current year property taxes and the base year property
91	91	25 taxes;
92	92	26 (2) in year 7, 80% of the difference between the
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103	103	1 current year property taxes and the base year property
104	104	2 taxes;
105	105	3 (3) in year 8, 70% of the difference between the
106	106	4 current year property taxes and the base year property
107	107	5 taxes;
108	108	6 (4) in year 9, 60% of the difference between the
109	109	7 current year property taxes and the base year property
110	110	8 taxes; and
111	111	9 (5) in year 10, 50% of the difference between the
112	112	10 current year property taxes and the base year property
113	113	11 taxes.
114	114	12 Section 15. Funding. Grants under this Act may be awarded
115	115	13 from any source that may be used to make grants under the
116	116	14 Invest in Illinois Act.
117	117	15 Section 20. Rules. The Department shall adopt rules for
118	118	16 the implementation of this Act.
119	119	17 Section 99. Effective date. This Act takes effect upon
120	120	18 becoming law.
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