Bill on property taxes after Gifford tornado moves to House floor

Bill on property taxes after Gifford tornado moves to House floor

SPRINGFIELD — With just five days left in the spring legislative session, a bill aimed at helping businesses rebuild after tornadoes last fall finally moved to the Illinois House floor Tuesday.
 
The legislation, SB 3259, cleared both a subcommittee and the full House Revenue & Finance Committee Tuesday morning.
 
The bill’s sponsor, state Rep. Chad Hays, R-Catlin, said he hoped to make a minor floor amendment to the bill on Wednesday, and later this week send it back to the Senate for concurrence with the revision so that it could be approved before the Legislature’s scheduled adjournment on Saturday.
 
The bill had been stuck in the House committee for several weeks before being moved out today.
 
The legislation, which had been introduced in the Senate by Sen. Mike Frerichs, D-Champaign, aims to limit increases in assessed valuation on commercial property for businesses that need to rebuild after natural disasters.
 
It would moderate property tax bills for businesses with fewer than 50 full-time employees to ensure that assessments would not increase more than 4 percent a year for a maximum of 15 years.
 
The measure is patterned after a similar bill that limited property tax increases on residential property. That legislation came in the aftermath of tornadoes that struck Harrisburg, Ill.
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