(215 ILCS 5/414a) (from Ch. 73, par. 1026a)
Sec. 414a.
Notwithstanding the provisions of this or any other Act, the
tax authorized by Section 414 of this Act shall not be imposed after January
1, 1979; provided that this Section shall not prohibit the collection after
January 1, 1979 of any taxes levied under Section 414 prior to January
1, 1979, on property subject to assessment and taxation under Section 414
of this Act prior to January 1, 1979. For the purpose of replacing the revenue
lost by taxing districts, as defined in Section 1-150 of the Property Tax
Code, as a result of the abolition of ad
valorem taxes on personal property after January 1, 1979, there shall be
imposed the taxes described in Section 201(c) and (d) of the Illinois
Income Tax Act, Section 2a.1 of the Messages Tax Act,
Section 2a.1 of the Gas Revenue Tax Act, Section 2a.1 of
the Public Utilities Revenue Act, and Section 1 of the Water Company Invested
Capital Tax Act. Such replacement taxes owed
within one year of the effective date of the taxes established by
this amendatory Act of 1979 shall replace the personal property tax levies of
1979. The replacement taxes owed in each succeeding year shall replace the
personal property tax that could have been levied in each succeeding year.
(Source: P.A. 88-670, eff. 12-2-94.)
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