Bill Text: IL HB0503 | 2011-2012 | 97th General Assembly | Amended
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-Amended.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-Amended.html
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1 | AMENDMENT TO HOUSE BILL 503
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2 | AMENDMENT NO. ______. Amend House Bill 503 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Property Tax Code is amended by changing | ||||||
5 | Section 15-160 as follows:
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6 | (35 ILCS 200/15-160)
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7 | Sec. 15-160. Airport authorities and airports. All | ||||||
8 | property belonging to any
Airport Authority and used for | ||||||
9 | Airport Authority purposes or leased to another
entity, which | ||||||
10 | property use would be exempt from taxation under this Code if
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11 | it were owned by the lessee entity, is exempt. However, except | ||||||
12 | as otherwise provided in this Section, the provision added by
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13 | Public Act 86-219 shall not apply to any property of any | ||||||
14 | Airport Authority
located in a county with more than 3,000,000 | ||||||
15 | inhabitants. Beginning in tax year 2010, the provisions added | ||||||
16 | by Public Act 86-219 shall apply to a Municipal Airport |
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1 | belonging to a municipality with less than 50,000 inhabitants | ||||||
2 | located in a county with more than 3,000,000 inhabitants. | ||||||
3 | Property acquired
for airport purposes by an Authority shall | ||||||
4 | remain subject to any tax previously
levied to pay bonds issued | ||||||
5 | and outstanding on the date of acquisition.
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6 | Also exempt is any airport or restricted land area or other | ||||||
7 | air navigation
facility owned, controlled, operated or leased | ||||||
8 | by another state or a political
subdivision of another state | ||||||
9 | under the provisions of Sections 25.01 to 25.04,
both | ||||||
10 | inclusive, of the "Illinois Aeronautics Act". However if at the | ||||||
11 | time of
the acquisition of property to be used for public | ||||||
12 | airport purposes the city,
village, township or school | ||||||
13 | district, in which said property is located is
indebted for any | ||||||
14 | amount for payment of which it provided for the collection of
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15 | taxes, the property acquired for public airport purposes shall | ||||||
16 | be subject to
taxation for the payment of said indebtedness in | ||||||
17 | the same proportion as said
property bore to the taxable | ||||||
18 | property in said city, village, township or school
district | ||||||
19 | immediately before the acquisition thereof, according to the | ||||||
20 | last
assessment for taxation.
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21 | (Source: Laws 1963, p. 1725; P.A. 86-219; 88-455.)
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22 | Section 99. Effective date. This Act takes effect upon | ||||||
23 | becoming law.".
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