|
|
||||
| Public Act 096-0779 |
||||
| ||||
| ||||
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 15-185 as follows:
| ||||
(35 ILCS 200/15-185)
| ||||
Sec. 15-185. Exemption for leaseback property and | ||||
qualified leased property.
| ||||
(a) Notwithstanding anything in this Code to
the
contrary, | ||||
all property owned by a municipality with a population of over
| ||||
500,000
inhabitants, or a unit of local government whose | ||||
jurisdiction includes
territory located in
whole or in part | ||||
within a municipality with a population of over 500,000
| ||||
inhabitants, or a municipality with home rule powers that is | ||||
contiguous to a municipality with a population of over 500,000 | ||||
inhabitants,
shall remain exempt from taxation and any | ||||
leasehold interest in that property
shall not be
subject to | ||||
taxation under Section 9-195 if
the
property is directly or | ||||
indirectly leased, sold, or otherwise transferred to
another | ||||
entity
whose property is not exempt and immediately thereafter | ||||
is the subject of a
leaseback or
other agreement that directly | ||||
or indirectly gives the municipality or unit of
local
| ||||
government (i) a right to use, control, and possess the | ||||
property or (ii) a
right to require
the other entity, or the | ||
other entity's designee or assignee, to use the
property in the
| ||
performance of services for the municipality or unit of local | ||
government. Property
shall no longer be exempt under this | ||
subsection as of the date when the right of
the
municipality or | ||
unit of local government to use, control, and possess the
| ||
property or to
require the performance of services is | ||
terminated and the municipality or unit
of local
government no | ||
longer has any option to purchase or otherwise reacquire the
| ||
interest in
the property which was transferred by the | ||
municipality or unit of local
government.
| ||
(b) Notwithstanding anything in this Code to
the
contrary, | ||
all property owned by a municipality with a population of over
| ||
500,000
inhabitants, or a unit of local government whose | ||
jurisdiction includes
territory located in
whole or in part | ||
within a municipality with a population of over 500,000
| ||
inhabitants, or a municipality with home rule powers that is | ||
contiguous to a municipality with a population of over 500,000 | ||
inhabitants,
shall remain exempt from taxation and any | ||
leasehold interest in that property
is not
subject to taxation | ||
under Section 9-195 if the property, including dedicated public | ||
property, is used by a municipality or other unit of local | ||
government for the purpose of an airport or parking or for | ||
waste disposal or processing and is leased for continued use | ||
for the same purpose to another entity whose property is not | ||
exempt. | ||
For the purposes of this subsection (b), "airport" does not | ||
include any airport property, as defined under Section 10 of | ||
the O'Hare Modernization Act. | ||
Any transaction described under this subsection must be | ||
undertaken in accordance with all appropriate federal laws and | ||
regulations. | ||
(c) For purposes of this Section, "municipality" means a | ||
municipality as defined
in
Section 1-1-2 of the Illinois | ||
Municipal Code, and "unit of local government"
means a unit
of | ||
local government as defined in Article VII, Section 1 of the | ||
Constitution of
the State of
Illinois. The provisions of this | ||
Section supersede and control over any
conflicting
provisions | ||
of this Code.
| ||
(Source: P.A. 93-19, eff. 6-20-03; 94-750, eff. 5-9-06.)
| ||
Section 99. Effective date. This Act takes effect upon | ||
becoming law.
| ||