Two More Veto Session Bills Sent to the Governor
We reported on a few veto session bills yesterday, and today we report on a bill that, if signed by the Governor, could provide relief to businesses in tax increment financing (TIF) districts that were adversely affected by the COVID-19 pandemic and also provides for an exemption from the State’s parking excise tax for parking facilities operated or owned by municipalities.
SB 217 amends the Illinois Municipal Code to authorize local governments to provide relief to businesses located within redevelopment areas that have experienced business interruptions or other adverse conditions directly or indirectly attributable to the COVID-19 pandemic and experienced during a statewide disaster declaration regarding COVID-19. These costs can be reimbursed in the form of grants, subsidies, or loans distributed prior to December 31, 2022.
Municipalities can also establish, by ordinance or resolution, procedures for the payment of the funds, including application procedures, grants or loan agreements, certifications, payment methods and other accountability measures that may be imposed upon participating businesses.
The bill defines eligible costs of business interruption as decreases in revenue caused by closing or limiting access to the business establishment to prevent the spread of COVID-19 or decreases in revenue caused by decreased customer demand as a result of the COVID-19 public health emergency.
In addition, the bill also includes an exemption from the State’s parking excise tax for parking garages and areas operated or owned by units of local government – the exemption does not apply if the parking facility is operated by a third party. This amendment will address concerns that were raised by municipalities when the parking excise tax was enacted by the State as to whether this tax applied to commuter lots and other public parking lots owned and operated by government entities. The bill also exempts the purchase of a parking space by a unit of local government for use by its employees, provided that the purchase price is paid directly by the municipality.
Post
authored by Rain Montero, Ancel Glink
0 comments:
Post a Comment