Bill Status of HB0880 101st General Assembly
Short Description: PROPERTY TAX-AIRPORT PROPERTY
Rep. Margo McDermed - Lindsay Parkhurst and Natalie A. Manley
| 1/13/2021||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the State Finance Act. Provides that, beginning on January 1, 2028 (currently, January 1, 2021), moneys received from the rental of land, buildings, or improvements on property held for the development of an airport in Will County by the Department of Transportation shall be paid into the General Revenue Fund instead of the Tax Recovery Fund. Amends the Property Tax Code. Provides that, with respect to real property in Will County owned by the State for the purpose of developing an airport, payments made to compensate taxing districts for leasehold taxes shall be calculated based on the 2019 property tax year (currently, 2002). Effective immediately.