Descripción

In 1974, Public Act 198 set up an industrial property tax abatement program. HB 4010, passed in 2003, adds the creation or synthesis of biodiesel fuel to the definition of “Industrial Property.” Futhermore, this definition also includes electric generating plants fueled by biomass until 12/31/07. Plant rehabilitation and industrial development districts may be established to provide such tax abatements for up to 12 years.