Public Act 097-0451
 
HB1926 EnrolledLRB097 07691 HLH 47802 b



    AN ACT concerning revenue.

 
    Be it enacted by the People of the State of Illinois, 
represented in the General Assembly: 



 
    Section 5. The Property Tax Code is amended  by changing 
Section 15-95 as follows:
 



    (35 ILCS 200/15-95)



    Sec. 15-95. Housing authorities.  
    (a) All property of housing authorities created
under the 
Housing Authorities Act is exempt, if the property and 
improvements
are used for low rent housing and related uses.  
However, property or portions
thereof intended or used for 
stores or other commercial purposes are not
exempt. Nothing 
herein shall exempt property of housing authorities or any part

thereof from special assessments or special taxation for local 
improvements.
Nothing contained in this Section shall be 
construed as limiting the power of
any political subdivision of 
this State to sell or furnish a housing authority
with water, 
electricity, gas, or other services and facilities under the 
same
basis that those services and facilities are rendered to 
others under similar
circumstances.

    (b) Property otherwise qualifying for an exemption under 
this Section shall not lose its exemption because the legal 
title is held by either: (i) an entity that is organized as a 
partnership or limited liability company, in which the housing 
authority, or an affiliate or subsidiary of the housing 
authority, is a general partner of the partnership or managing 
member of the limited liability company; or (ii) an entity that 
is organized as a partnership or limited liability company, in 
which the housing authority, or an affiliate or subsidiary of 
the housing authority, is a general partner of the partnership 
or managing member of the limited liability company, for the 
purposes of owning and operating a residential rental property 
that has received an allocation of Low Income Housing Tax 
Credits for 100% of the dwelling units under Section 42 of the 
Internal Revenue Code of 1986, as amended. 
(Source: Laws 1959, p. 1549, 1554, 2219, and 2224; P.A. 
88-455.)


 
    Section 99. Effective date. This Act takes effect upon 
becoming law.

Effective Date:  8/19/2011