HB1926 EnrolledLRB097 07691 HLH 47802 b



1    AN ACT concerning revenue.

 
2    Be it enacted by the People of the State of Illinois, 
3represented in the General Assembly: 



 
4    Section 5. The Property Tax Code is amended  by changing 
5Section 15-95 as follows:
 



6    (35 ILCS 200/15-95)



7    Sec. 15-95. Housing authorities.  
8    (a) All property of housing authorities created
under the 
9Housing Authorities Act is exempt, if the property and 
10improvements
are used for low rent housing and related uses.  
11However, property or portions
thereof intended or used for 
12stores or other commercial purposes are not
exempt. Nothing 
13herein shall exempt property of housing authorities or any part

14thereof from special assessments or special taxation for local 
15improvements.
Nothing contained in this Section shall be 
16construed as limiting the power of
any political subdivision of 
17this State to sell or furnish a housing authority
with water, 
18electricity, gas, or other services and facilities under the 
19same
basis that those services and facilities are rendered to 
20others under similar
circumstances.

21    (b) Property otherwise qualifying for an exemption under 
22this Section shall not lose its exemption because the legal 
23title is held by either: (i) an entity that is organized as a 
 
 
HB1926 Enrolled- 2 -LRB097 07691 HLH 47802 b

1partnership or limited liability company, in which the housing 
2authority, or an affiliate or subsidiary of the housing 
3authority, is a general partner of the partnership or managing 
4member of the limited liability company; or (ii) an entity that 
5is organized as a partnership or limited liability company, in 
6which the housing authority, or an affiliate or subsidiary of 
7the housing authority, is a general partner of the partnership 
8or managing member of the limited liability company, for the 
9purposes of owning and operating a residential rental property 
10that has received an allocation of Low Income Housing Tax 
11Credits for 100% of the dwelling units under Section 42 of the 
12Internal Revenue Code of 1986, as amended. 
13(Source: Laws 1959, p. 1549, 1554, 2219, and 2224; P.A. 
1488-455.)


 
15    Section 99. Effective date. This Act takes effect upon 
16becoming law.