Bill Text: IL HB0503 | 2011-2012 | 97th General Assembly | Engrossed
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Property Tax Code. Makes a technical change in a Section concerning the definition of "33 1/3%".
Spectrum: Partisan Bill (Democrat 8-0)
Status: (Failed) 2013-01-08 - Session Sine Die [HB0503 Detail]
Download: Illinois-2011-HB0503-Engrossed.html
Bill Title: Amends the Property Tax Code. Makes a technical change in a Section concerning the definition of "33 1/3%".
Spectrum: Partisan Bill (Democrat 8-0)
Status: (Failed) 2013-01-08 - Session Sine Die [HB0503 Detail]
Download: Illinois-2011-HB0503-Engrossed.html
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| 1 | AN ACT concerning revenue.
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| 2 | Be it enacted by the People of the State of Illinois, | ||||||
| 3 | represented in the General Assembly:
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| 4 | Section 5. The Property Tax Code is amended by changing | ||||||
| 5 | Section 9-195 and by adding Section 15-161 as follows:
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| 6 | (35 ILCS 200/9-195)
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| 7 | Sec. 9-195. Leasing of exempt property.
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| 8 | (a) Except as provided in Sections 15-35, 15-55, 15-60, | ||||||
| 9 | 15-100,
15-103, 15-161, and 15-185,
when property which is | ||||||
| 10 | exempt from taxation is leased to another whose property
is not | ||||||
| 11 | exempt, and the leasing of which does not make the property | ||||||
| 12 | taxable,
the leasehold estate and the appurtenances shall be | ||||||
| 13 | listed as the property of
the lessee thereof, or his or her | ||||||
| 14 | assignee. Taxes on that property shall be
collected in the same | ||||||
| 15 | manner as on property that is not exempt, and the lessee
shall | ||||||
| 16 | be liable for those taxes. However, no tax lien shall attach to | ||||||
| 17 | the
exempt real estate. The changes made by this amendatory Act | ||||||
| 18 | of 1997 and by this
amendatory Act of the 91st General Assembly | ||||||
| 19 | are declaratory of existing law
and shall not be construed as a | ||||||
| 20 | new enactment. The changes made by Public Acts
88-221 and | ||||||
| 21 | 88-420 that are incorporated into this Section by this | ||||||
| 22 | amendatory
Act of 1993 are declarative of existing law and are | ||||||
| 23 | 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 (e) of Section 15-35, subsection (c-5)
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| 5 | of Section 15-60, subsection (b) of Section 15-100, Section | ||||||
| 6 | 15-103, or
Section 15-185.
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| 7 | (Source: P.A. 92-844, eff. 8-23-02; 92-846, eff.
8-23-02; | ||||||
| 8 | 93-19, eff. 6-20-03.)
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| 9 | (35 ILCS 200/15-161 new) | ||||||
| 10 | Sec. 15-161. Municipal airports and leased property at | ||||||
| 11 | municipal airports. Beginning in tax year 2010, all property of | ||||||
| 12 | a municipal airport belonging to a single municipality with | ||||||
| 13 | less than 50,000 inhabitants in a county with more than | ||||||
| 14 | 3,000,000 inhabitants is exempt from taxation under this Code. | ||||||
| 15 | Further, beginning in tax year 2010, all property of a | ||||||
| 16 | municipal airport belonging to a single municipality with less | ||||||
| 17 | than 50,000 inhabitants in a county with more than 3,000,000 | ||||||
| 18 | inhabitants that is leased to a public or private entity is | ||||||
| 19 | exempt from leasehold taxes under this Code.
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