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90_HB2363ham004
LRB9007368JSdvam01
1 AMENDMENT TO HOUSE BILL 2363
2 AMENDMENT NO. . Amend House Bill 2363, AS AMENDED,
3 by inserting immediately below the last line of Section 15 of
4 the Bill the following:
5 "Section 16. The Property Tax Code is amended by
6 changing Section 9-195 as follows:
7 (35 ILCS 200/9-195)
8 Sec. 9-195. Leasing of exempt property. Except as
9 provided in Section 15-55, when property which is exempt from
10 taxation is leased to another whose property is not exempt,
11 and the leasing of which does not make the property taxable,
12 the leasehold estate and the appurtenances shall be listed as
13 the property of the lessee thereof, or his or her assignee.
14 Taxes on that property shall be collected in the same manner
15 as on property that is not exempt, and the lessee shall be
16 liable for those taxes. However, no tax lien shall attach to
17 the exempt real estate. Notwithstanding any provision to the
18 contrary, no taxable interest in exempt property is created
19 if that exempt property is leased or otherwise transferred,
20 directly or indirectly, to another whose property is not
21 exempt, and immediately thereafter an agreement is entered
22 into that directly or indirectly transfers the right to use,
-2- LRB9007368JSdvam01
1 control, or possess that property back to the exempt owner
2 and that, if title has been transferred, provides an option
3 for a subsequent reverter of title to the exempt owner. The
4 changes made by this amendatory Act of 1997 are declaratory
5 of existing law and shall not be construed as a new
6 enactment. The changes made by Public Acts 88-221 and 88-420
7 that are incorporated into this Section by this amendatory
8 Act of 1993 are declarative of existing law and are not a new
9 enactment.
10 (Source: P.A. 88-455; incorporates 88-221 and 88-420; 88-670,
11 eff. 12-2-94.)".