[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
| [ Engrossed ] | [ Enrolled ] | [ House Amendment 001 ] |
91_SB0033
LRB9101535PTpk
1 AN ACT to amend the Property Tax Code by changing Section
2 9-195 and adding Section 15-103.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Property Tax Code is amended by changing
6 Sections 9-195 and adding Section 15-103 as follows:
7 (35 ILCS 200/9-195)
8 Sec. 9-195. Leasing of exempt property.
9 (a) Except as provided in Sections Section 15-55, and
10 15-100, and 15-103, when property which is exempt from
11 taxation is leased to another whose property is not exempt,
12 and the leasing of which does not make the property taxable,
13 the leasehold estate and the appurtenances shall be listed as
14 the property of the lessee thereof, or his or her assignee.
15 Taxes on that property shall be collected in the same manner
16 as on property that is not exempt, and the lessee shall be
17 liable for those taxes. However, no tax lien shall attach to
18 the exempt real estate. The changes made by this amendatory
19 Act of 1997 are declaratory of existing law and shall not be
20 construed as a new enactment. The changes made by Public
21 Acts 88-221 and 88-420 that are incorporated into this
22 Section by this amendatory Act of 1993 are declarative of
23 existing law and are not a new enactment.
24 (b) The provisions of this Section regarding taxation of
25 leasehold interests in exempt property do not apply to any
26 leasehold interest created pursuant to any transaction
27 described in subsection (b) of Section 15-100 or in Section
28 15-103.
29 (Source: P.A. 90-562, eff. 12-16-97.)
30 (35 ILCS 200/15-103 new)
-2- LRB9101535PTpk
1 Sec. 15-103. Bi-State Development Agency.
2 (a) Property owned by the Bi-State Development Agency of
3 the Missouri-Illinois Metropolitan District is exempt.
4 (b) The exemption under this Section is not affected by
5 any transaction in which, for the purpose of obtaining
6 financing, the Agency, directly or indirectly, leases or
7 otherwise transfers the property to another for which or whom
8 property is not exempt and immediately after the lease or
9 transfer enters into a leaseback or other agreement that
10 directly or indirectly gives the Agency a right to use,
11 control, and possess the property. In the case of a
12 conveyance of the property, the Agency must retain an option
13 to purchase the property at a future date or, within the
14 limitations period for reverters, the property must revert
15 back to the Agency.
16 (c) If the property has been conveyed as described in
17 subsection (b), the property is no longer exempt under this
18 Section as of the date when:
19 (1) the right of the Agency to use, control, and
20 possess the property is terminated;
21 (2) the Agency no longer has an option to purchase
22 or otherwise acquire the property; and
23 (3) there is no provision for a reverter of the
24 property to the Agency within the limitations period for
25 reverters.
26 (d) Pursuant to Sections 15-15 and 15-20 of this Code,
27 the Agency shall notify the chief county assessment officer
28 of any transaction under subsection (b). The chief county
29 assessment officer shall determine initial and continuing
30 compliance with the requirements of this Section for tax
31 exemption. Failure to notify the chief county assessment
32 officer of a transaction under this Section or to otherwise
33 comply with the requirements of Sections 15-15 and 15-20 of
34 this Code shall, in the discretion of the chief county
-3- LRB9101535PTpk
1 assessment officer, constitute cause to terminate the
2 exemption, notwithstanding any other provision of this Code.
3 (e) No provision of this Section shall be construed to
4 affect the obligation of the Agency under Section 15-10 of
5 this Code to file an annual certificate of status or to
6 notify the chief county assessment officer of transfers of
7 interest or other changes in the status of the property as
8 required by this Code.
9 Section 99. Effective date. This Act takes effect upon
10 becoming law.