State of Illinois
91st General Assembly
Legislation

   [ Search ]   [ Legislation ]
[ Home ]   [ Back ]   [ Bottom ]


[ Engrossed ][ Enrolled ]

91_SB0233

 
                                               LRB9100867PTpk

 1        AN  ACT  to  amend  the  Upper  Illinois   River   Valley
 2    Development Authority Act by adding Section 7.5.

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

 5        Section 5.  The Upper Illinois River  Valley  Development
 6    Authority Act is amended by adding Section 7.5 as follows:

 7        (70 ILCS 530/7.5 new)
 8        Sec.  7.5.   Tax  exemption  of  bonds.  Beginning on the
 9    effective date of this amendatory Act  of  the  91st  General
10    Assembly,  the  bonds of the Authority issued under Section 7
11    of this Act and the income from the bonds shall be free  from
12    all  taxation  by  the  State  or its political subdivisions,
13    except for estate,  transfer,  and  inheritance  taxes.   For
14    purposes  of  Section 250 of the Illinois Income Tax Act, the
15    exemption of income from bonds issued by the Authority  shall
16    terminate  after all of the bonds have been paid.  The amount
17    of such income that shall be added and then subtracted on the
18    Illinois income tax return of a taxpayer, under  Section  203
19    of  the  Illinois Income Tax Act, from federal adjusted gross
20    income or federal taxable income in computing  Illinois  base
21    income  shall  be  the  interest  net  of  any  bond  premium
22    amortization.

23        Section  99.   Effective date. This Act takes effect upon
24    becoming law.

[ Top ]