Illinois 2025-2026 Regular Session

Illinois Senate Bill SB2126 Compare Versions

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

Old	New	Differences
1	1	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2126 Introduced 2/7/2025, by Sen. Doris Turner SYNOPSIS AS INTRODUCED: 35 ILCS 200/15-41 new35 ILCS 200/18-184.25 new Amends the Property Tax Code. Provides that property that is owned by a faith-based organization or an organization described under Section 501(c)(3) of the Internal Revenue Code of 1986 that is leased for a minimum of 50 years for the purpose of, and is predominantly used for, providing affordable housing for households with a household income of between 20% and 90% of the area median income is exempt from taxation under the Code until (i) the end of the ground lease term or (ii) the first taxable year during which the property is no longer used for affordable housing purposes, whichever occurs first. Provides that taxing districts may abate all or a portion of the property taxes levied on a qualified affordable housing developments. LRB104 06941 HLH 16978 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2126 Introduced 2/7/2025, by Sen. Doris Turner SYNOPSIS AS INTRODUCED: 35 ILCS 200/15-41 new35 ILCS 200/18-184.25 new 35 ILCS 200/15-41 new 35 ILCS 200/18-184.25 new Amends the Property Tax Code. Provides that property that is owned by a faith-based organization or an organization described under Section 501(c)(3) of the Internal Revenue Code of 1986 that is leased for a minimum of 50 years for the purpose of, and is predominantly used for, providing affordable housing for households with a household income of between 20% and 90% of the area median income is exempt from taxation under the Code until (i) the end of the ground lease term or (ii) the first taxable year during which the property is no longer used for affordable housing purposes, whichever occurs first. Provides that taxing districts may abate all or a portion of the property taxes levied on a qualified affordable housing developments. LRB104 06941 HLH 16978 b LRB104 06941 HLH 16978 b A BILL FOR
2	2	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2126 Introduced 2/7/2025, by Sen. Doris Turner SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 200/15-41 new35 ILCS 200/18-184.25 new 35 ILCS 200/15-41 new 35 ILCS 200/18-184.25 new
4	4	35 ILCS 200/15-41 new
5	5	35 ILCS 200/18-184.25 new
6	6	Amends the Property Tax Code. Provides that property that is owned by a faith-based organization or an organization described under Section 501(c)(3) of the Internal Revenue Code of 1986 that is leased for a minimum of 50 years for the purpose of, and is predominantly used for, providing affordable housing for households with a household income of between 20% and 90% of the area median income is exempt from taxation under the Code until (i) the end of the ground lease term or (ii) the first taxable year during which the property is no longer used for affordable housing purposes, whichever occurs first. Provides that taxing districts may abate all or a portion of the property taxes levied on a qualified affordable housing developments.
7	7	LRB104 06941 HLH 16978 b LRB104 06941 HLH 16978 b
8	8	LRB104 06941 HLH 16978 b
9	9	A BILL FOR
10	10	SB2126LRB104 06941 HLH 16978 b SB2126 LRB104 06941 HLH 16978 b
11	11	SB2126 LRB104 06941 HLH 16978 b
12	12	1 AN ACT concerning revenue.
13	13	2 Be it enacted by the People of the State of Illinois,
14	14	3 represented in the General Assembly:
15	15	4 Section 5. The Property Tax Code is amended by adding
16	16	5 Sections 15-41 and 18-184.25 as follows:
17	17	6 (35 ILCS 200/15-41 new)
18	18	7 Sec. 15-41. Faith-based organizations. Property that is
19	19	8 owned by a faith-based organization or an organization
20	20	9 described under Section 501(c)(3) of the Internal Revenue Code
21	21	10 of 1986 that is leased for a minimum of 50 years for the
22	22	11 purpose of, and is predominantly used for, providing
23	23	12 affordable housing for households with a household income of
24	24	13 between 20% and 90% of the area median income is exempt from
25	25	14 taxation under this Code until (i) the end of the ground lease
26	26	15 term or (ii) the first taxable year during which the property
27	27	16 is no longer used for affordable housing purposes, whichever
28	28	17 occurs first.
29	29	18 (35 ILCS 200/18-184.25 new)
30	30	19 Sec. 18-184.25. Affordable housing abatement. Any taxing
31	31	20 district, upon a majority vote of its governing authority,
32	32	21 may, after the determination of the assessed valuation of its
33	33	22 property, order the clerk of that county to abate all or a
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37	37	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2126 Introduced 2/7/2025, by Sen. Doris Turner SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 200/15-41 new35 ILCS 200/18-184.25 new 35 ILCS 200/15-41 new 35 ILCS 200/18-184.25 new
39	39	35 ILCS 200/15-41 new
40	40	35 ILCS 200/18-184.25 new
41	41	Amends the Property Tax Code. Provides that property that is owned by a faith-based organization or an organization described under Section 501(c)(3) of the Internal Revenue Code of 1986 that is leased for a minimum of 50 years for the purpose of, and is predominantly used for, providing affordable housing for households with a household income of between 20% and 90% of the area median income is exempt from taxation under the Code until (i) the end of the ground lease term or (ii) the first taxable year during which the property is no longer used for affordable housing purposes, whichever occurs first. Provides that taxing districts may abate all or a portion of the property taxes levied on a qualified affordable housing developments.
42	42	LRB104 06941 HLH 16978 b LRB104 06941 HLH 16978 b
43	43	LRB104 06941 HLH 16978 b
44	44	A BILL FOR
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