92nd General Assembly
Summary of SB0173
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Senate Sponsors:
PHILIP.

House Sponsors:
DART

Short description: 
PROP TAX FREEZE-FRATERNAL ORGS                                             

Synopsis of Bill as introduced:
        Amends the Property Tax Code.  Provides  that,  for  the  taxable      
   year  2002  and  thereafter, the assessed value of real property owned      
   and used by certain  fraternal  organizations,  or  their  subordinate      
   organizations  or  entities,  that  are  exempt entities under Section      
   501(c)(8) of the Internal  Revenue  Code  and  whose  members  provide      
   support  for charitable works shall be established by the chief county      
   assessment officer at 15% of the final assessed value of the  property      
   for   the   assessment  year  2001,  or  if  the  property  meets  the      
   qualifications for the reduced assessment after assessment year  2002,      
   the  final  assessed value shall be 15% of the final assessed value of      
   the property for the assessment year in which the property first meets      
   the qualifications.  Effective January 1, 2002.                             
        SENATE AMENDMENT NO. 1.                                                
        Provides that the fraternal organization for which the exemption       
   is allowed is a fraternal organization, or its subordinate organiza-        
   tion or entity, that was chartered in Illinois in July of 1896 and is       
   an exempt entity under Section 501(c)(8) of the Internal Revenue Code       
   (now, a fraternal organization, or its subordinate organization or          
   entity, that is an exempt entity under Section 501(c)(8) of the Inter-      
   nal Revenue Code and whose members provide, directly or indirectly,         
   financial support for charitable works, which may include medical           
   care, drug rehabilitation, or education).                                   
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   1


   END OF INQUIRY 



 Full Text  Bill Status