Bill Text: IL HB1926 | 2011-2012 | 97th General Assembly | Engrossed
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning the short title.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2011-08-19 - Public Act . . . . . . . . . 97-0451 [HB1926 Detail]
Download: Illinois-2011-HB1926-Engrossed.html
Bill Title: Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning the short title.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2011-08-19 - Public Act . . . . . . . . . 97-0451 [HB1926 Detail]
Download: Illinois-2011-HB1926-Engrossed.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois, | ||||||
3 | represented in the General Assembly:
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4 | Section 5. The Property Tax Code is amended by changing | ||||||
5 | Section 15-95 as follows:
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6 | (35 ILCS 200/15-95)
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7 | Sec. 15-95. Housing authorities. | ||||||
8 | (a) All property of housing authorities created
under the | ||||||
9 | Housing Authorities Act is exempt, if the property and | ||||||
10 | improvements
are used for low rent housing and related uses. | ||||||
11 | However, property or portions
thereof intended or used for | ||||||
12 | stores or other commercial purposes are not
exempt. Nothing | ||||||
13 | herein shall exempt property of housing authorities or any part
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14 | thereof from special assessments or special taxation for local | ||||||
15 | improvements.
Nothing contained in this Section shall be | ||||||
16 | construed as limiting the power of
any political subdivision of | ||||||
17 | this State to sell or furnish a housing authority
with water, | ||||||
18 | electricity, gas, or other services and facilities under the | ||||||
19 | same
basis that those services and facilities are rendered to | ||||||
20 | others under similar
circumstances.
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21 | (b) Property otherwise qualifying for an exemption under | ||||||
22 | this Section shall not lose its exemption because the legal | ||||||
23 | title is held by either: (i) an entity that is organized as a |
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1 | partnership or limited liability company, in which the housing | ||||||
2 | authority, or an affiliate or subsidiary of the housing | ||||||
3 | authority, is a general partner of the partnership or managing | ||||||
4 | member of the limited liability company; or (ii) an entity that | ||||||
5 | is organized as a partnership or limited liability company, in | ||||||
6 | which the housing authority, or an affiliate or subsidiary of | ||||||
7 | the housing authority, is a general partner of the partnership | ||||||
8 | or managing member of the limited liability company, for the | ||||||
9 | purposes of owning and operating a residential rental property | ||||||
10 | that has received an allocation of Low Income Housing Tax | ||||||
11 | Credits for 100% of the dwelling units under Section 42 of the | ||||||
12 | Internal Revenue Code of 1986, as amended. | ||||||
13 | (Source: Laws 1959, p. 1549, 1554, 2219, and 2224; P.A. | ||||||
14 | 88-455.)
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