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Public Act 096-0779
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| HB4046 Enrolled |
LRB096 11803 HLH 22634 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 |
Section 15-185 as follows:
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(35 ILCS 200/15-185)
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Sec. 15-185. Exemption for leaseback property and |
qualified leased property.
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(a) Notwithstanding anything in this Code to
the
contrary, |
all property owned by a municipality with a population of over
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500,000
inhabitants, or a unit of local government whose |
jurisdiction includes
territory located in
whole or in part |
within a municipality with a population of over 500,000
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inhabitants, or a municipality with home rule powers that is |
contiguous to a municipality with a population of over 500,000 |
inhabitants,
shall remain exempt from taxation and any |
leasehold interest in that property
shall not be
subject to |
taxation under Section 9-195 if
the
property is directly or |
indirectly leased, sold, or otherwise transferred to
another |
entity
whose property is not exempt and immediately thereafter |
is the subject of a
leaseback or
other agreement that directly |
or indirectly gives the municipality or unit of
local
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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 |
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 |
government. Property
shall no longer be exempt under this |
subsection as of the date when the right of
the
municipality or |
unit of local government to use, control, and possess the
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property or to
require the performance of services is |
terminated and the municipality or unit
of local
government no |
longer has any option to purchase or otherwise reacquire the
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interest in
the property which was transferred by the |
municipality or unit of local
government.
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(b) Notwithstanding anything in this Code to
the
contrary, |
all property owned by a municipality with a population of over
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500,000
inhabitants, or a unit of local government whose |
jurisdiction includes
territory located in
whole or in part |
within a municipality with a population of over 500,000
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inhabitants, or a municipality with home rule powers that is |
contiguous to a municipality with a population of over 500,000 |
inhabitants,
shall remain exempt from taxation and any |
leasehold interest in that property
is not
subject to taxation |
under Section 9-195 if the property, including dedicated public |
property, is used by a municipality or other unit of local |
government for the purpose of an airport or parking or for |
waste disposal or processing and is leased for continued use |
for the same purpose to another entity whose property is not |
exempt. |
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For the purposes of this subsection (b), "airport" does not |
include any airport property, as defined under Section 10 of |
the O'Hare Modernization Act. |
Any transaction described under this subsection must be |
undertaken in accordance with all appropriate federal laws and |
regulations. |
(c) For purposes of this Section, "municipality" means a |
municipality as defined
in
Section 1-1-2 of the Illinois |
Municipal Code, and "unit of local government"
means a unit
of |
local government as defined in Article VII, Section 1 of the |
Constitution of
the State of
Illinois. The provisions of this |
Section supersede and control over any
conflicting
provisions |
of this Code.
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(Source: P.A. 93-19, eff. 6-20-03; 94-750, eff. 5-9-06.)
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Section 99. Effective date. This Act takes effect upon |
becoming law.
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