SPRINGFIELD, Ill. – New legislation could help Illinois business owners who are trying to rebuild following the November tornadoes.
Illinois Representative Chad Hays is the chief sponsor of the bill that would limit property tax increases for businesses damaged by a natural disaster.
Hayes represents Gifford, one of the communities hit by one of the two dozen tornadoes that struck Illinois in November.
The proposal would create a five-year property tax abatement on the higher tax rate for businesses that are rebuilt. It would also cap annual property tax increases after the five-year window.