HB7006eng 93RD GENERAL ASSEMBLY

HB7006 Engrossed LRB093 16598 SJM 42247 b

AN ACT concerning taxes.

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

Section 5. The Property Tax Code is amended by changing Section 15-155 as follows:

(35 ILCS 200/15-155)

Sec. 15-155. Port districts. All property belonging to the Chicago Regional Port District or any other port district created by the General Assembly legislature of this State is exempt. However, a tax may be levied upon a lessee of such property based on the value of a leasehold estate separate and apart from the fee, or upon improvements constructed and owned by others than the Port District.

(Source: Laws 1961, p. 3370; P.A. 88-455.)