093_SB0694

 
                                     LRB093 08350 BDD 08569 b

 1        AN ACT concerning taxes.

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

 4        Section  5.  The  Property  Tax Code is amended by adding
 5    Section 15-157 as follows:

 6        (35 ILCS 200/15-157 new)
 7        Sec. 15-157.  Economic development  property.   Beginning
 8    in  taxable  year  2003,  all  property  of regional economic
 9    development corporations that is  used  exclusively  for  the
10    charitable  and public purpose of creating, facilitating, and
11    encouraging economic development is exempt.  For purposes  of
12    this  Section,  "economic  development  corporation"  means a
13    not-for-profit  corporation  that  is  exempt  under  Section
14    501(c)(3) of the Internal Revenue Code and that receives more
15    than 75% of its funding from taxing districts.

16        Section 99.  Effective date.  This Act takes effect  upon
17    becoming law.