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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB0414 Introduced 2/8/2011, by Sen. John J. Cullerton SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Code. Makes a technical change in a Section
concerning port districts.
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| | A BILL FOR |
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| | SB0414 | | LRB097 04195 HLH 44234 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, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by changing |
| 5 | | Section 15-155 as follows:
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| 6 | | (35 ILCS 200/15-155)
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| 7 | | Sec. 15-155. Port districts. All property belonging to the
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| 8 | | the Chicago Regional
Port District or any other port district |
| 9 | | created by the legislature of this
State is exempt. However, a |
| 10 | | tax may be levied upon a lessee of such property
based on the |
| 11 | | value of a leasehold estate separate and apart from the fee, or
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| 12 | | upon improvements constructed and owned by others than the Port |
| 13 | | District. |
| 14 | | (Source: Laws 1961, p. 3370; P.A. 88-455.)
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