(220 ILCS 5/18-110)
Sec. 18-110.
Taxation of transfers of intangible
transition property and grantee
instruments.
(a) Any sale, pledge, assignment or other transfer of
intangible transition property and grantee instruments, if
any, shall be exempt from any State or local sales, income,
transfers, gains, receipts or similar taxes.
(b) Any transfer of intangible transition property and
grantee instruments, if any, shall be treated as a pledge or
other financing for State tax purposes, including State and
local income and franchise taxes, unless the documents
governing such transfer specifically state that the transfer
is intended to be treated otherwise.
(Source: P.A. 90-561, eff. 12-16-97.)
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