Illinois General Assembly - Bill Status for HB2849

Amends the Property Tax Code. Provides that, if property is owned by the State, a unit of local government, or a school district and that property is leased to the State, a unit of local government, or a school district, then the property and the leasehold interest are exempt from taxation under the Property Tax Code or under any other law. Further provides that property of schools that is leased to the State, a unit of local government, or a school district (now, only leases to a municipality) for governmental purposes on a not-for-profit basis is exempt and that the leasehold interest is not taxable. Amends the State Mandates Act to require implementation without reimbursement. Provides that the changes made by the amendatory Act apply to taxable years 2010 and thereafter. Provides that the changes also apply to taxable years prior to 2010, but no payments of any such taxes need be refunded. Effective immediately.

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