Bill Title: Amends the Property Tax Code. In a Section concerning exemptions for leaseback property, provides that the Section applies to all property that is exempt under Article 15 of the Property Tax Code. Provides that, for exemption purposes, the property shall be treated as though the lessee were the owner of the property as long as the property on which the leased improvements is located is used for school, religious, or charitable purposes pursuant to that lease or any renewal of that lease. 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: Partisan Bill (Democrat 2-0)

Status: (Failed) 2013-01-08 - Session Sine Die [SB3210 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Engrossed	2012-05-15	HTML/Text	Link	View
Amended	2012-05-07	HTML/Text	Link	View
Introduced	2012-02-01	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois SB3210

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois SB3210 currently on file.

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