HB0503 EngrossedLRB097 03320 HLH 43357 b



1    AN ACT concerning revenue.

 
2    Be it enacted by the People of the State of Illinois, 
3represented in the General Assembly: 



 
4    Section 5. The Property Tax Code is amended  by changing 
5Section 9-195 and  by adding Section 15-161 as follows:
 



6    (35 ILCS 200/9-195)



7    Sec. 9-195. Leasing of exempt property. 

8    (a) Except as provided in Sections 15-35, 15-55, 15-60, 
915-100,
15-103, 15-161, and 15-185,
when property which is 
10exempt from taxation is leased to another whose property
is not 
11exempt, and the leasing of which does not make the property 
12taxable,
the leasehold estate and the appurtenances shall be 
13listed as the property of
the lessee thereof, or his or her 
14assignee. Taxes on that property shall be
collected in the same 
15manner as on property that is not exempt, and the lessee
shall 
16be liable for those taxes.  However, no tax lien shall attach to 
17the
exempt real estate. The changes made by this amendatory Act 
18of 1997 and by this
amendatory Act of the 91st General Assembly 
19are declaratory of existing law
and shall not be construed as a 
20new enactment.  The changes made by Public Acts
88-221 and 
2188-420 that are incorporated into this Section by this 
22amendatory
Act of 1993 are declarative of existing law and are 
23not a new enactment.

 
 
HB0503 Engrossed- 2 -LRB097 03320 HLH 43357 b

1    (b) The provisions of this Section regarding taxation of 
2leasehold interests
in exempt property do not apply to any 
3leasehold interest created pursuant to
any transaction 
4described in subsection (e) of Section 15-35, subsection (c-5)

5of Section 15-60, subsection (b) of Section 15-100, Section 
615-103, or
Section 15-185.

7(Source: P.A. 92-844, eff. 8-23-02; 92-846, eff.
8-23-02; 
893-19, eff. 6-20-03.)

 
9    (35 ILCS 200/15-161 new)
10    Sec. 15-161. Municipal airports and leased property at 
11municipal airports.  Beginning in tax year 2010, all property of 
12a municipal airport belonging to a single municipality with 
13less than 50,000 inhabitants in a county with more than 
143,000,000 inhabitants is exempt from taxation under this Code.  
15Further, beginning in tax year 2010, all property of a 
16municipal airport belonging to a single municipality with less 
17than 50,000 inhabitants in a county with more than 3,000,000 
18inhabitants that is leased to a public or private entity is 
19exempt from leasehold taxes under this Code.

 
20    Section 99. Effective date. This Act takes effect upon 
21becoming law.