Public Act 097-0451
 
HB1926 EnrolledLRB097 07691 HLH 47802 b

    AN ACT concerning revenue.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Property Tax Code is amended by changing
Section 15-95 as follows:
 
    (35 ILCS 200/15-95)
    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
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.
    (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.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/19/2011