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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB1320 Introduced 2/6/2023, by Sen. Celina Villanueva SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Code. In provisions concerning the obligation of the titleholder or owner of a beneficial interest in exempt property to file a copy of certain leases or agreements with the chief county assessment officer, provides that, if the titleholder or the owner of the beneficial interest fails to comply with those provisions and no other party to the lease or agreement does so, then the titleholder or the owner of the beneficial interest shall be liable for any unpaid taxes up to the amount received under the lease or agreement by the titleholder or owner of the beneficial interest.
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| | A BILL FOR |
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| | SB1320 | | LRB103 27497 HLH 53871 b |
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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,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by changing |
| 5 | | Section 15-15 as follows:
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| 6 | | (35 ILCS 200/15-15)
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| 7 | | Sec. 15-15. Obligation to file copies of leases or |
| 8 | | agreements. |
| 9 | | (a) If any
property listed as exempt by the chief county |
| 10 | | assessment officer is leased,
loaned or otherwise made |
| 11 | | available for profit, the titleholder or the owner of
the |
| 12 | | beneficial interest shall file with the assessment officer a |
| 13 | | copy of all
such leases or agreements and a complete |
| 14 | | description of the premises, so the
chief county assessment |
| 15 | | officer can ascertain the exact size and location of
the |
| 16 | | premises in order to create a tax parcel. |
| 17 | | (b) Failure to file such leases,
agreements or |
| 18 | | descriptions shall, in the discretion of the chief county
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| 19 | | assessment officer, constitute cause to terminate the |
| 20 | | exemption,
notwithstanding any other provision of this Code. |
| 21 | | If the titleholder or the owner of the beneficial interest |
| 22 | | fails to comply with the requirements of subsection (a) and no |
| 23 | | other party to the lease or agreement does so, then, |