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90_HB3026sam004
LRB9008707PTbdam05
1 AMENDMENT TO HOUSE BILL 3026
2 AMENDMENT NO. . Amend House Bill 3026, AS AMENDED,
3 in Section 5, in the introductory clause, before "15-175,",
4 by inserting "9-195, 15-103,"; and
5 in Section 5, above Sec. 15-175, by inserting the following:
6 "(35 ILCS 200/9-195)
7 Sec. 9-195. Leasing of exempt property.
8 (a) Except as provided in Sections Section 15-55, and
9 15-100, and 15-103, when property which is exempt from
10 taxation is leased to another whose property is not exempt,
11 and the leasing of which does not make the property taxable,
12 the leasehold estate and the appurtenances shall be listed as
13 the property of the lessee thereof, or his or her assignee.
14 Taxes on that property shall be collected in the same manner
15 as on property that is not exempt, and the lessee shall be
16 liable for those taxes. However, no tax lien shall attach to
17 the exempt real estate. The changes made by this amendatory
18 Act of 1997 are declaratory of existing law and shall not be
19 construed as a new enactment. The changes made by Public
20 Acts 88-221 and 88-420 that are incorporated into this
21 Section by this amendatory Act of 1993 are declarative of
22 existing law and are not a new enactment.
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1 (b) The provisions of this Section regarding taxation of
2 leasehold interests in exempt property do not apply to any
3 leasehold interest created pursuant to any transaction
4 described in subsection (b) of Section 15-100 or in Section
5 15-103.
6 (Source: P.A. 90-562, eff. 12-16-97.)
7 (35 ILCS 200/15-103 new)
8 Sec. 15-103. Bi-State Development Agency.
9 (a) Property owned by the Bi-State Development Agency of
10 the Missouri-Illinois Metropolitan District is exempt.
11 (b) The exemption under this Section is not affected by
12 any transaction in which, for the purpose of obtaining
13 financing, the Agency, directly or indirectly, leases or
14 otherwise transfers the property to another for which or whom
15 property is not exempt and immediately after the lease or
16 transfer enters into a leaseback or other agreement that
17 directly or indirectly gives the Agency a right to use,
18 control, and possess the property. In the case of a
19 conveyance of the property, the Agency must retain an option
20 to purchase the property at a future date or, within the
21 limitations period for reverters, the property must revert
22 back to the Agency.
23 (c) If the property has been conveyed as described in
24 subsection (b), the property is no longer exempt under this
25 Section as of the date when:
26 (1) the right of the Agency to use, control, and
27 possess the property is terminated;
28 (2) the Agency no longer has an option to purchase
29 or otherwise acquire the property; and
30 (3) there is no provision for a reverter of the
31 property to the Agency within the limitations period for
32 reverters.
33 (d) Pursuant to Sections 15-15 and 15-20 of this Code,
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1 the Agency shall notify the chief county assessment officer
2 of any transaction under subsection (b). The chief county
3 assessment officer shall determine initial and continuing
4 compliance with the requirements of this Section for tax
5 exemption. Failure to notify the chief county assessment
6 officer of a transaction under this Section or to otherwise
7 comply with the requirements of Sections 15-15 and 15-20 of
8 this Code shall, in the discretion of the chief county
9 assessment officer, constitute cause to terminate the
10 exemption, notwithstanding any other provision of this Code.
11 (e) No provision of this Section shall be construed to
12 affect the obligation of the Agency under Section 15-10 of
13 this Code to file an annual certificate of status or to
14 notify the chief county assessment officer of transfers of
15 interest or other changes in the status of the property as
16 required by this Code.".