Full Text of SB0520 99th General Assembly
SB0520eng 99TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning revenue.
| 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 changing | 5 | | Section 15-185 as follows:
| 6 | | (35 ILCS 200/15-185)
| 7 | | Sec. 15-185. Exemption for leaseback property and | 8 | | qualified leased property.
| 9 | | (a) Notwithstanding anything in this Code to
the
contrary, | 10 | | all property owned by a municipality with a population of over
| 11 | | 500,000
inhabitants, a unit of local government whose | 12 | | jurisdiction includes
territory located in
whole or in part | 13 | | within a municipality with a population of over 500,000
| 14 | | inhabitants, or a municipality with home rule powers that is | 15 | | contiguous to a municipality with a population of over 500,000 | 16 | | inhabitants,
shall remain exempt from taxation and any | 17 | | leasehold interest in that property
shall not be
subject to | 18 | | taxation under Section 9-195 if
the
property is directly or | 19 | | indirectly leased, sold, or otherwise transferred to
another | 20 | | entity
whose property is not exempt and immediately thereafter | 21 | | is the subject of a
leaseback or
other agreement that directly | 22 | | or indirectly gives the municipality or unit of
local
| 23 | | government (i) a right to use, control, and possess the |
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| 1 | | property or (ii) a
right to require
the other entity, or the | 2 | | other entity's designee or assignee, to use the
property in the
| 3 | | performance of services for the municipality or unit of local | 4 | | government. Property
shall no longer be exempt under this | 5 | | subsection as of the date when the right of
the
municipality or | 6 | | unit of local government to use, control, and possess the
| 7 | | property or to
require the performance of services is | 8 | | terminated and the municipality or unit
of local
government no | 9 | | longer has any option to purchase or otherwise reacquire the
| 10 | | interest in
the property which was transferred by the | 11 | | municipality or unit of local
government.
| 12 | | (b) Notwithstanding anything in this Code to
the
contrary, | 13 | | all property owned by a municipality with a population of over
| 14 | | 500,000
inhabitants, a unit of local government whose | 15 | | jurisdiction includes
territory located in
whole or in part | 16 | | within a municipality with a population of over 500,000
| 17 | | inhabitants, or a municipality with home rule powers that is | 18 | | contiguous to a municipality with a population of over 500,000 | 19 | | inhabitants,
shall remain exempt from taxation and any | 20 | | leasehold interest in that property
is not
subject to taxation | 21 | | under Section 9-195 if the property, including dedicated public | 22 | | property, is used by a municipality or other unit of local | 23 | | government for the purpose of an airport or parking or for | 24 | | waste disposal or processing or for the purposes of a port | 25 | | district and is leased for continued use for the same purpose | 26 | | to another entity whose property is not exempt. |
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| 1 | | For the purposes of this subsection (b), "airport" does not | 2 | | include any airport property, as defined under Section 10 of | 3 | | the O'Hare Modernization Act. | 4 | | Any transaction described under this subsection must be | 5 | | undertaken in accordance with all appropriate federal laws and | 6 | | regulations. | 7 | | (c) For purposes of this Section, "municipality" means a | 8 | | municipality as defined
in
Section 1-1-2 of the Illinois | 9 | | Municipal Code, and "unit of local government"
means a unit
of | 10 | | local government as defined in Article VII, Section 1 of the | 11 | | Constitution of
the State of
Illinois. The provisions of this | 12 | | Section supersede and control over any
conflicting
provisions | 13 | | of this Code.
| 14 | | (Source: P.A. 96-779, eff. 8-28-09.)
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