SB 1049 — PROP TAX-PTELL-EXEMPTIONS

093_SB1049SB1049 Engrossed LRB093 10778 SJM 11192 b AN ACT in relation to taxation.

Beginning SB1049 Engrossed -2- LRB093 10778 SJM 11192 b with the levy year in which this Law becomes applicable to a taxing district as provided in Section 18-213, "taxing district" also includes those taxing districts made subject to this Law as provided in Section 18-213.

(h) made for payments of principal and interest on bonds issued under the Metropolitan Water Reclamation District Act to finance construction projects initiated before October 1, SB1049 Engrossed -3- LRB093 10778 SJM 11192 b 1991;

the amount of any extension under this item (k) shall be certified by the school district to the county clerk;____________m____________________i_____________clerk;___________m_____________________d_____________ _____o_____________________e_______________________7_________________i_____________________o______________________n_____________ _____o______________________p_____________________i__________________o_____________________e______________________t_____________ _____a_______________________a____________________V__________________s______________________d_____________________e_____________ _____a_____________________c_______________________f__________________A____________________V______________________c_____________ _____M______________________a_____________________f_____________ ______t____________________e______________________I____.

(b) made for any taxing district to pay interest or principal on general obligation bonds issued SB1049 Engrossed -4- LRB093 10778 SJM 11192 b before March 1, 1995;

(c) made for any taxing district to pay -4- LRB093 10778 SJM 11192 b interest or principal on bonds issued to refund or continue to refund those bonds issued before March 1, 1995;

(l) made for payments of principal and SB1049 Engrossed -5- LRB093 10778 SJM 11192 b interest on bonds authorized by Public Act 87-1191 and issued -5- LRB093 10778 SJM 11192 b under Section 42 of the Cook County Forest Preserve District Act for zoological park projects;

a---a --- (m) made pursuant to Section 34-53.5 of the School Code, whether levied annually or not;___________________f_______________________t____________not;____________________s______________________c_____________ _____i_____________________u_______________________t_________________e_____________________R______________________S_____________ _______a___________________y______________________o__________________e_____________________h______________________i_____________ _____P_____________________l______________________d__________________l_____________________g______________________n_____________ _____i______________________a_____________________a____________________o___________________a______________________a_____________ _____a_____________________t________________._____s_____________________o______________________r_____________ _____i___________________.

(e) made for any taxing district to pay interest or principal SB1049 Engrossed -6- LRB093 10778 SJM 11192 b on revenue bonds issued before the date on which the referendum making this Law applicable to the taxing district -6- LRB093 10778 SJM 11192 b is held for payment of which a property tax levy or the full faith and credit of the unit of local government is pledged;

_________ ______f____________________o______________________a___________________b____________________t_______________________t____________ _____u_____________________f______________________d__________________i_____________________u_______________________t____________ _____y_____________________c______________________r____________________a_____________________a______________________b___________ ______X_____________________S_____________________M__________________i_____________________r_______________________T____________ ______f____________________t______________________C_____________SB1049 _____F_____.Engrossed -7- LRB093 10778 SJM 11192 b _____h_____________________c______________________a_____________ _____l_____________________a______________________a_____________ _____i___________________.

-7- LRB093 10778 SJM 11192 b "Aggregate extension" for all taxing districts to which this Law applies in accordance with paragraph (2) of subsection (e) of Section 18-213 means the annual corporate extension for the taxing district and those special purpose extensions that are made annually for the taxing district, excluding special purpose extensions:

(g) made for payments due under installment SB1049 Engrossed -8- LRB093 10778 SJM 11192 b contracts entered into before the effective date of this amendatory Act of 1997;

(h) made for payments of principal and interest on limited bonds, as defined in Section 3 of the -8- LRB093 10778 SJM 11192 b Local Government Debt Reform Act, in an amount not to exceed the debt service extension base less the amount in items (b), (c), and (e) of this definition for non-referendum obligations, except obligations initially issued pursuant to referendum;

_________ ______f____________________o______________________a__________________b_____________________f______________________t_____________ _____u_____________________f______________________d__________________i______________________u_____________________f_____________ _____y_____________________c______________________r___________________a____________________a______________________b_____________ ______X_____________________S_____________________M__________________i_____________________e______________________f_____________ ______f____________________t______________________C__________________e_____________________r______________________d_____________ _____F_____._____l_____________________e______________________r_____________ _____i___________________.

"Debt service extension base" means an amount equal to that portion of the extension for a taxing district for the 1994 levy year, or for those taxing districts subject to this Law in accordance with Section 18-213, except for those subject to paragraph (2) of subsection (e) of Section 18-213, for the levy year in which the referendum making this Law applicable to the taxing district is held, or for those taxing districts subject to this Law in accordance with paragraph (2) of subsection (e) of Section 18-213 for the 1996 levy year, constituting an extension for payment of principal and interest on bonds issued by the taxing district SB1049 Engrossed -9- LRB093 10778 SJM 11192 b without referendum, but not including (i) bonds authorized by Public Act 88-503 and issued under Section 20a of the Chicago Park District Act for aquarium and museum projects;

(ii) bonds issued under Section 15 of the Local Government Debt -9- LRB093 10778 SJM 11192 b Reform Act;

In addition, the county clerk in a county containing a SB1049 Engrossed -10- LRB093 10778 SJM 11192 b population of 3,000,000 or more shall include in the 1997 recovered tax increment value for any school district, any recovered tax increment value that was applicable to the 1995 tax year calculations.

-10- LRB093 10778 SJM 11192 b "Qualified airport authority" means an airport authority organized under the Airport Authorities Act and located in a county bordering on the State of Wisconsin and having a population in excess of 200,000 and not greater than 500,000.

For the taxes which are extended for the 1997 levy year, the recovered tax increment value for a non-home rule taxing district that first became subject to this Law for the 1995 levy year because a majority of its 1994 equalized assessed value was in an affected county or counties shall be increased if a municipality terminated the designation of an area in 1993 as a redevelopment project area previously established under the Tax Increment Allocation Development Act in the Illinois Municipal Code, previously established under the Industrial Jobs Recovery Law in the Illinois Municipal Code, or previously established under the Economic Development Area Tax Increment Allocation Act, by an amount equal to the 1994 equalized assessed value of each taxable SB1049 Engrossed -11- LRB093 10778 SJM 11192 b lot, block, tract, or parcel of real property in the redevelopment project area over and above the initial equalized assessed value of each property in the redevelopment project area.

In the first year after a -11- LRB093 10778 SJM 11192 b municipality removes a taxable lot, block, tract, or parcel of real property from a redevelopment project area established under the Tax Increment Allocation Development Act in the Illinois Municipal Code, the Industrial Jobs Recovery Law in the Illinois Municipal Code, or the Economic Development Area Tax Increment Allocation Act, "recovered tax increment value" means the amount of the current year's equalized assessed value of each taxable lot, block, tract, or parcel of real property removed from the redevelopment project area over and above the initial equalized assessed value of that real property before removal from the redevelopment project area.