Full Text of HB4046 96th General Assembly
HB4046enr 96TH GENERAL ASSEMBLY
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Property Tax Code is amended by changing | 5 |
| Section 15-185 as follows:
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| (35 ILCS 200/15-185)
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| Sec. 15-185. Exemption for leaseback property and | 8 |
| qualified leased property.
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| (a) Notwithstanding anything in this Code to
the
contrary, | 10 |
| all property owned by a municipality with a population of over
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| 500,000
inhabitants, or 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
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| 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
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| government (i) a right to use, control, and possess the |
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HB4046 Enrolled |
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LRB096 11803 HLH 22634 b |
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| 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
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| 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
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| 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
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| interest in
the property which was transferred by the | 11 |
| municipality or unit of local
government.
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| (b) Notwithstanding anything in this Code to
the
contrary, | 13 |
| all property owned by a municipality with a population of over
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| 500,000
inhabitants, or 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
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| 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 and is leased for continued use | 25 |
| for the same purpose to another entity whose property is not | 26 |
| exempt. |
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LRB096 11803 HLH 22634 b |
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| 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.
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| (Source: P.A. 93-19, eff. 6-20-03; 94-750, eff. 5-9-06.)
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| Section 99. Effective date. This Act takes effect upon | 16 |
| becoming law.
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