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91_SB0233
LRB9100867PTpk
1 AN ACT to amend the Upper Illinois River Valley
2 Development Authority Act by adding Section 7.5.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Upper Illinois River Valley Development
6 Authority Act is amended by adding Section 7.5 as follows:
7 (70 ILCS 530/7.5 new)
8 Sec. 7.5. Tax exemption of bonds. Beginning on the
9 effective date of this amendatory Act of the 91st General
10 Assembly, the bonds of the Authority issued under Section 7
11 of this Act and the income from the bonds shall be free from
12 all taxation by the State or its political subdivisions,
13 except for estate, transfer, and inheritance taxes. For
14 purposes of Section 250 of the Illinois Income Tax Act, the
15 exemption of income from bonds issued by the Authority shall
16 terminate after all of the bonds have been paid. The amount
17 of such income that shall be added and then subtracted on the
18 Illinois income tax return of a taxpayer, under Section 203
19 of the Illinois Income Tax Act, from federal adjusted gross
20 income or federal taxable income in computing Illinois base
21 income shall be the interest net of any bond premium
22 amortization.
23 Section 99. Effective date. This Act takes effect upon
24 becoming law.