New 6b tax amendments proposed by Cook County

Published in the October 2013 issue of Chicago Industrial Properties, attorney Brian Liston discusses in his article “New 6b tax amendments proposed by Cook County” how new amended law now provides additional ways to receive the Cook County 6b tax benefit for industrial properties which reduces the property tax by 60%  for the first 10 years of the incentive, 40% for the 11th year and 20% for the 12th year:

  • Temporary Emergency Economic Recovery Modification (TEERM) Program which revises the prior 2-year vacancy with the same title owner to only 1-year vacancy if it is not purchased for value by a third party.
  • Sustainable Emergency Relief (SER) Program for businesses operating in the same location for at least 10 years showing hardship.

For more information, please contact Adam Marshall, amarshall@ngkf.com, 773.957.1428

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