Bill Title: Amends the Property Tax Code. Provides that a Section of the Code concerning exemptions for leaseback property also applies to property that is (i) owned by a private entity and (ii) eligible for a religious or charitable exemption under the Code. Provides that, for purposes of the exemption, the lessee shall be treated as if it were the owner of the property as long as the property is used for school, religious, or charitable purposes. Contains provisions requiring that the funds received from the conveyance of the property must be used for certain purposes. Provides that projects using funds from the sale of certain property that is subject to a leaseback are subject to the provisions of the Illinois Prevailing Wage Act for the initial construction of the improvements and all bidders for those projects shall comply with the Illinois Procurement Code. Effective immediately.

Spectrum: Bipartisan Bill

Status: (Failed) 2013-01-08 - Session Sine Die [HB4142 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2012-01-26	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB4142

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB4142 currently on file.

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