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
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
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
LRB104 06941 HLH 16978 b
A BILL FOR
SB2126LRB104 06941 HLH 16978 b SB2126 LRB104 06941 HLH 16978 b
SB2126 LRB104 06941 HLH 16978 b
1 AN ACT concerning revenue.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Property Tax Code is amended by adding
5 Sections 15-41 and 18-184.25 as follows:
6 (35 ILCS 200/15-41 new)
7 Sec. 15-41. Faith-based organizations. Property that is
8 owned by a faith-based organization or an organization
9 described under Section 501(c)(3) of the Internal Revenue Code
10 of 1986 that is leased for a minimum of 50 years for the
11 purpose of, and is predominantly used for, providing
12 affordable housing for households with a household income of
13 between 20% and 90% of the area median income is exempt from
14 taxation under this Code until (i) the end of the ground lease
15 term or (ii) the first taxable year during which the property
16 is no longer used for affordable housing purposes, whichever
17 occurs first.
18 (35 ILCS 200/18-184.25 new)
19 Sec. 18-184.25. Affordable housing abatement. Any taxing
20 district, upon a majority vote of its governing authority,
21 may, after the determination of the assessed valuation of its
22 property, order the clerk of that county to abate all or a
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
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
LRB104 06941 HLH 16978 b
A BILL FOR
35 ILCS 200/15-41 new
35 ILCS 200/18-184.25 new
LRB104 06941 HLH 16978 b
SB2126 LRB104 06941 HLH 16978 b
SB2126- 2 -LRB104 06941 HLH 16978 b SB2126 - 2 - LRB104 06941 HLH 16978 b
SB2126 - 2 - LRB104 06941 HLH 16978 b
SB2126 - 2 - LRB104 06941 HLH 16978 b