Bill Text: IL HB1926 | 2011-2012 | 97th General Assembly | Chaptered
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-Chaptered.html
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Public Act 097-0451 | ||||
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AN ACT concerning revenue.
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Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly:
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Section 5. The Property Tax Code is amended by changing | ||||
Section 15-95 as follows:
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(35 ILCS 200/15-95)
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Sec. 15-95. Housing authorities. | ||||
(a) All property of housing authorities created
under the | ||||
Housing Authorities Act is exempt, if the property and | ||||
improvements
are used for low rent housing and related uses. | ||||
However, property or portions
thereof intended or used for | ||||
stores or other commercial purposes are not
exempt. Nothing | ||||
herein shall exempt property of housing authorities or any part
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thereof from special assessments or special taxation for local | ||||
improvements.
Nothing contained in this Section shall be | ||||
construed as limiting the power of
any political subdivision of | ||||
this State to sell or furnish a housing authority
with water, | ||||
electricity, gas, or other services and facilities under the | ||||
same
basis that those services and facilities are rendered to | ||||
others under similar
circumstances.
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(b) Property otherwise qualifying for an exemption under | ||||
this Section shall not lose its exemption because the legal | ||||
title is held by either: (i) an entity that is organized as a |
partnership or limited liability company, in which the housing | ||
authority, or an affiliate or subsidiary of the housing | ||
authority, is a general partner of the partnership or managing | ||
member of the limited liability company; or (ii) an entity that | ||
is organized as a partnership or limited liability company, in | ||
which the housing authority, or an affiliate or subsidiary of | ||
the housing authority, is a general partner of the partnership | ||
or managing member of the limited liability company, for the | ||
purposes of owning and operating a residential rental property | ||
that has received an allocation of Low Income Housing Tax | ||
Credits for 100% of the dwelling units under Section 42 of the | ||
Internal Revenue Code of 1986, as amended. | ||
(Source: Laws 1959, p. 1549, 1554, 2219, and 2224; P.A. | ||
88-455.)
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