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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB7006
Introduced 2/9/2004, by Kurt M. Granberg SYNOPSIS AS INTRODUCED:
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35 ILCS 200/15-157 new |
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30 ILCS 805/8.28 new |
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Amends the Property Tax Code. Provides that, beginning in taxable year 2004,
all property of regional economic development corporations that is used
exclusively for
the charitable and public purpose of creating, facilitating, and encouraging
economic
development is exempt from property taxation. Defines "economic development
corporation" as a not-for-profit corporation that receives more than 75% of its
funding
from taxing districts. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY |
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT |
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A BILL FOR
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HB7006 |
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LRB093 16598 SJM 42247 b |
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| AN ACT concerning taxes.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Property Tax Code is amended by adding |
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| Section 15-157 as
follows:
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| (35 ILCS 200/15-157 new)
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| Sec. 15-157. Economic development property. Beginning in |
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| taxable year
2004,
all property of regional economic |
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| development corporations that is used
exclusively for
the |
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| charitable and public purpose of creating, facilitating, and |
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| encouraging
economic
development is exempt. For purposes of |
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| this Section, "economic development
corporation" means a |
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| not-for-profit corporation that is exempt under Section
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| 501(c)(3) of
the Internal Revenue Code and that receives more |
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| than 75% of its funding from
taxing
districts.
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| Section 90. The State Mandates Act is amended by adding |
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| Section 8.28 as
follows:
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| (30 ILCS 805/8.28 new)
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| Sec. 8.28. Exempt mandate. Notwithstanding Sections 6 and 8 |
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| of this
Act, no reimbursement by the State is required for the |
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| implementation of
any mandate created by this amendatory Act of |
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| the 93rd General Assembly.
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law. |