Illinois General Assembly - Full Text of HB0503
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Full Text of HB0503  97th General Assembly



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.