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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB3057
Introduced 1/20/2006, by Sen. Don Harmon SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Code. Makes a technical change in a Section concerning leaseback exemptions.
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A BILL FOR
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SB3057 |
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LRB094 19145 BDD 54675 b |
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| AN ACT concerning revenue.
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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 changing |
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| Section 15-185 as follows:
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| (35 ILCS 200/15-185)
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| Sec. 15-185. Leaseback exemption. Notwithstanding anything |
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| in this
this Code to
the
contrary, all property owned by a |
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| municipality with a population of over
500,000
inhabitants, or |
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| a unit of local government whose jurisdiction includes
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| territory located in
whole or in part within a municipality |
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| with a population of over 500,000
inhabitants,
shall remain |
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| exempt from taxation and any leasehold interest in that |
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| property
shall not be
subject to taxation under Section 9-195 |
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| if, for the purpose of obtaining
financing, the
property is |
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| directly or indirectly leased, sold, or otherwise transferred |
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| to
another entity
whose property is not exempt and immediately |
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| thereafter is the subject of a
leaseback or
other agreement |
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| that directly or indirectly gives the municipality or unit of
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| local
government (i) a right to use, control, and possess the |
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| property or (ii) a
right to require
the other entity, or the |
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| other entity's designee or assignee, to use the
property in the
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| performance of services for the municipality or unit of local |
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| government. The
property
shall no longer be exempt under this |
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| Section as of the date when the right of
the
municipality or |
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| unit of local government to use, control, and possess the
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| property or to
require the performance of services is |
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| terminated and the municipality or unit
of local
government no |
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| longer has any option to purchase or otherwise reacquire the
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| interest in
the property which was transferred by the |
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| municipality or unit of local
government.
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| For purposes of this Section, "municipality" means a |
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