Bill Text: IL SB0520 | 2015-2016 | 99th General Assembly | Engrossed
Bill Title: Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning tax checkoff explanations.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Engrossed - Dead) 2016-05-29 - Referred to Rules Committee [SB0520 Detail]
Download: Illinois-2015-SB0520-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,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Property Tax Code is amended by changing | ||||||
| 5 | Section 15-185 as follows:
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| 6 | (35 ILCS 200/15-185)
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| 7 | Sec. 15-185. Exemption for leaseback property and | ||||||
| 8 | qualified leased property.
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| 9 | (a) Notwithstanding anything in this Code to
the
contrary, | ||||||
| 10 | all property owned by a municipality with a population of over
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| 11 | 500,000
inhabitants, a unit of local government whose | ||||||
| 12 | jurisdiction includes
territory located in
whole or in part | ||||||
| 13 | within a municipality with a population of over 500,000
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| 14 | inhabitants, or a municipality with home rule powers that is | ||||||
| 15 | contiguous to a municipality with a population of over 500,000 | ||||||
| 16 | inhabitants,
shall remain exempt from taxation and any | ||||||
| 17 | leasehold interest in that property
shall not be
subject to | ||||||
| 18 | taxation under Section 9-195 if
the
property is directly or | ||||||
| 19 | indirectly leased, sold, or otherwise transferred to
another | ||||||
| 20 | entity
whose property is not exempt and immediately thereafter | ||||||
| 21 | is the subject of a
leaseback or
other agreement that directly | ||||||
| 22 | or indirectly gives the municipality or unit of
local
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| 23 | government (i) a right to use, control, and possess the | ||||||
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| 1 | property or (ii) a
right to require
the other entity, or the | ||||||
| 2 | other entity's designee or assignee, to use the
property in the
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| 3 | performance of services for the municipality or unit of local | ||||||
| 4 | government. Property
shall no longer be exempt under this | ||||||
| 5 | subsection as of the date when the right of
the
municipality or | ||||||
| 6 | unit of local government to use, control, and possess the
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| 7 | property or to
require the performance of services is | ||||||
| 8 | terminated and the municipality or unit
of local
government no | ||||||
| 9 | longer has any option to purchase or otherwise reacquire the
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| 10 | interest in
the property which was transferred by the | ||||||
| 11 | municipality or unit of local
government.
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| 12 | (b) Notwithstanding anything in this Code to
the
contrary, | ||||||
| 13 | all property owned by a municipality with a population of over
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| 14 | 500,000
inhabitants, a unit of local government whose | ||||||
| 15 | jurisdiction includes
territory located in
whole or in part | ||||||
| 16 | within a municipality with a population of over 500,000
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| 17 | inhabitants, or a municipality with home rule powers that is | ||||||
| 18 | contiguous to a municipality with a population of over 500,000 | ||||||
| 19 | inhabitants,
shall remain exempt from taxation and any | ||||||
| 20 | leasehold interest in that property
is not
subject to taxation | ||||||
| 21 | under Section 9-195 if the property, including dedicated public | ||||||
| 22 | property, is used by a municipality or other unit of local | ||||||
| 23 | government for the purpose of an airport or parking or for | ||||||
| 24 | waste disposal or processing or for the purposes of a port | ||||||
| 25 | district and is leased for continued use for the same purpose | ||||||
| 26 | to another entity whose property is not exempt. | ||||||
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| 1 | For the purposes of this subsection (b), "airport" does not | ||||||
| 2 | include any airport property, as defined under Section 10 of | ||||||
| 3 | the O'Hare Modernization Act. | ||||||
| 4 | Any transaction described under this subsection must be | ||||||
| 5 | undertaken in accordance with all appropriate federal laws and | ||||||
| 6 | regulations. | ||||||
| 7 | (c) For purposes of this Section, "municipality" means a | ||||||
| 8 | municipality as defined
in
Section 1-1-2 of the Illinois | ||||||
| 9 | Municipal Code, and "unit of local government"
means a unit
of | ||||||
| 10 | local government as defined in Article VII, Section 1 of the | ||||||
| 11 | Constitution of
the State of
Illinois. The provisions of this | ||||||
| 12 | Section supersede and control over any
conflicting
provisions | ||||||
| 13 | of this Code.
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| 14 | (Source: P.A. 96-779, eff. 8-28-09.)
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