90th General Assembly
Summary of HB0992
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House Sponsors:
ROSKAM.

Senate Sponsors:
FAWELL

Short description: 
PROP TX-CHARITABLE EXEMPTION                                               

Synopsis of Bill as introduced:
        Amends the Property Tax Code.  Provides that  property  otherwise      
   qualifying  for  the  exemption for charitable purposes shall not lose      
   the  exemption  because  the  legal  title   is   held,   in   certain      
   circumstances,  by  a limited liability company whose sole members are      
   the institutions of public charity that actually and  exclusively  use      
   the property for charitable and beneficient purposes.                       
        HOUSE AMENDMENT NO. 1.                                                 
        Requires that the institutions of  public  charity  be  qualified      
   under  paragraph  (3)  of Section 501(c) of the Internal Revenue Code.      
   Provides that the property may not be leased or otherwise used with  a      
   view to profit.                                                             
        HOUSE AMENDMENT NO. 2.                                                 
        Deletes everything.  Amends the Property Tax Code.  Provides that      
   property  otherwise  qualifying  for  the  exemption  for   charitable      
   purposes  shall not lose the exemption because the legal title is held      
   for any assessment year including and subsequent to  January  1,  1996      
   for  which  an application for exemption has been filed and a decision      
   that has not become final and nonappealable  by  a  limited  liability      
   company provided that (i) the company receives a notification from the      
   Internal  Revenue  Service  that it qualifies, (ii) the company's sole      
   members are the institutions  of  public  charity  that  actually  and      
   exclusively  use  the property for charitable and beneficent purposes,      
   and (iii) the company does not lease the property or otherwise use  it      
   with a view to profit.                                                      
 
Last action on Bill: PUBLIC ACT.............................. 90-0207

   Last action date: 97-07-25

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   2     SENATE -   0


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