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SB3259 Engrossed LRB098 19492 HLH 54667 b AN ACT concerning revenue.
SB3259 Enrolled LRB098 19492 HLH 54667 b AN ACT concerning revenue.
natural disaster.
tornado disaster.
Notwithstanding any other provision of law, each qualified parcel of commercial or industrial property owned and used by a small business shall be valued at the lesser of (i) its modified equalized assessed value or (ii) 33 1/3% of its fair cash value.
Notwithstanding any other provision of law, each qualified parcel of commercial or industrial property owned and used by a small business shall be valued at the lesser of (i) its modified equalized assessed value or (ii) 33 1/3% of its fair cash value or, in the case of property located in a county that classifies property for purposes of taxation in accordance with Section 4 of Article IX of the Constitution, the percentage of fair cash value as required by county ordinance.
The method of valuation under this Section shall continue until there is a change in use or ownership of the property or until the fifteenth taxable year after the natural disaster occurs, whichever occurs first.
The method of valuation under this Section shall continue until there is a change in use or ownership of the property or until the fifteenth taxable year after the tornado disaster occurs, whichever occurs first.
In order to qualify for valuation under this Section, the structure must be rebuilt within 2 years after the date of the natural disaster, and the square footage of the rebuilt structure may not be more than 110% of the square footage of the original structure as it existed immediately prior to the SB3259 Engrossed - 2 - LRB098 19492 HLH 54667 b natural disaster.
In order to qualify for valuation under this Section, the structure must be rebuilt SB3259 Enrolled - 2 - LRB098 19492 HLH 54667 b within 2 years after the date of the tornado disaster, and the square footage of the rebuilt structure may not be more than 110% of the square footage of the original structure as it existed immediately prior to the tornado disaster.
"Base year" means the taxable year prior to the taxable year in which the natural disaster occurred.
"Base year" means the taxable year prior to the taxable year in which the tornado disaster occurred.
(1) in the first taxable year after the natural disaster occurs, the equalized assessed value of the property for the base year;
(1) in the first taxable year after the tornado disaster occurs, the equalized assessed value of the property for the base year;
and (2) in the second taxable year after the natural disaster occurs and thereafter, the modified equalized assessed value of the property for the previous taxable year, increased by 4%.
and (2) in the second taxable year after the tornado disaster occurs and thereafter, the modified equalized assessed value of the property for the previous taxable year, increased by 4%.
"Natural disaster" means an occurrence of widespread or severe damage or loss of property resulting from any catastrophic cause including, but not limited to, fire, flood, earthquake, wind, storm, or extended period of severe inclement weather.
"Tornado disaster" means an occurrence of widespread or severe damage or loss of property resulting from a tornado or combination of tornadoes that has been proclaimed as a natural disaster by the Governor or the President of the United States.
In the case of a commercial or industrial structure affected by flooding, the structure shall not be eligible for this exemption unless it is located within a local jurisdiction which is participating in the National Flood Insurance Program.
"Qualified parcel of property" means property that (i) is owned and used exclusively for commercial or industrial purposes by a small business and (ii) has been rebuilt following a tornado disaster occurring in taxable year 2013 or any taxable year thereafter.
The natural disaster shall be proclaimed as such by the Governor or the President of the United States.
"Small business" means a business that employs fewer than 50 full-time employees.
"Qualified parcel of property" means property that (i) is owned and used exclusively for commercial or industrial purposes by a small business and (ii) has been rebuilt following a natural disaster occurring in taxable year 2013 or any taxable year thereafter.
SB3259 Engrossed - 3 - LRB098 19492 HLH 54667 b "Small business" means a business that employs fewer than 50 full-time employees.
This Act takes effect upon becoming law.
This Act takes effect upon SB3259 Enrolled - 3 - LRB098 19492 HLH 54667 b becoming law.
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