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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB2885 Introduced 2/22/2011, by Rep. Charles E. Jefferson SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Code. Provides that, beginning in taxable year 2011, all property owned by an exempt organization
under Section 501(c) of the Internal Revenue Code or its
successor is exempt
from taxation under the Code when exclusively used for a purpose authorized to be exempted under the Illinois Constitution.
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| | | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | HB2885 | | LRB097 06851 HLH 46944 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 adding |
| 5 | | Section 15-190 as follows:
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| 6 | | (35 ILCS 200/15-190 new) |
| 7 | | Sec. 15-190. Section 501(c) organizations. Notwithstanding |
| 8 | | any other provision of law, beginning in taxable year 2011, all |
| 9 | | property owned by an exempt organization
under Section 501(c) |
| 10 | | of the Internal Revenue Code or its
successor is exempt
from |
| 11 | | taxation under this Code when exclusively used for a purpose |
| 12 | | authorized under Section 6 of Article IX of the Illinois |
| 13 | | Constitution.
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