New Tax Incentive Program for Vacant Buildings
Vacant buildings are taking a toll on county tax rolls. In order to encourage occupancy of vacant buildings, the Illinois legislature has approved Public Act 96-755 (HB 4120). Effective January 1, 2010, the legislature will grant local governmental authorities an incentive for abating any portion of property tax on a building that was vacant for at least 24 consecutive months prior to being occupied by a business.
In order for a local government to abate any portion of the property tax, a majority of its governing body must vote in the abatement’s favor. The abatement cannot be for longer than two years, and the total tax abatement for all taxing districts involved cannot exceed $4 million dollars.
The legislature hopes that this new tax incentive program will encourage business-owners to buy and take over vacant buildings!