Comments: IL SB1379 | 2019-2020 | 101st General Assembly

Bill Title: Reinserts the provisions of Senate Amendment 1 with changes. Removes conforming changes concerning income and expense data, but retains the new Article concerning income-producing property. Provides that the term "income and expense data" include specific federal income tax returns (in Senate Amendment 1, federal income tax returns generally). Provides that "income-producing property" means property that is not exclusively owner-occupied (in Senate Amendment 1, non-owner-occupied). Removes a reference to gas stations. Defines "owner-occupied" and "taxpayer". Provides that the chief county assessment officer shall notify taxpayers of their obligation to submit income and expense data. Makes changes concerning the submission of federal tax forms. Provides that the penalty for failure to submit income and expense data shall be 0.05% (instead of 0.5%) of the prior year's market value. Adds provisions concerning administrative hearings. Makes other changes. Effective immediately.

Spectrum: Partisan Bill (Democrat 60-0)

Status: (Engrossed) 2020-06-23 - Rule 19(b) / Re-referred to Rules Committee [SB1379 Detail]

Text: Latest bill text (Engrossed) [HTML]

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