093_SB0593

 
                                     LRB093 07225 SJM 07381 b

 1        AN ACT concerning taxes.

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

 4        Section  5.  The  Property  Tax Code is amended by adding
 5    Section 15-104 as follows:

 6        (35 ILCS 200/15-104 new)
 7        Sec. 15-104. Neighborhood redevelopment corporations. All
 8    property  of   a   neighborhood   redevelopment   corporation
 9    organized  under  the  Neighborhood Redevelopment Corporation
10    Law that is acquired on or after the effective date  of  this
11    amendatory Act of the 93rd General Assembly is exempt.

12        Section  10.   The Neighborhood Redevelopment Corporation
13    Law is amended by changing Section 15 and adding Section 15-5
14    as follows:

15        (315 ILCS 20/15) (from Ch. 67 1/2, par. 265)
16        Sec.   15.   Taxation   of   Neighborhood   Redevelopment
17    Corporations.
18        Except  as  provided  in   Section   15-5,   neighborhood
19    Redevelopment   Corporations   organized   under   this  Act,
20    notwithstanding their function in the Redevelopment  of  Slum
21    and  Blight  or  Conservation  Areas, shall be subject to the
22    same taxation, general  and  special,  as  to  their  assets,
23    tangible and intangible, and as to their capital stock, as is
24    imposed  by  law upon the assets and capital stock of private
25    corporations for profit organized pursuant  to  the  laws  of
26    this State.
27    (Source: Laws 1953, p. 1138.)

28        (320 ILCS 15/15-5 new)
 
                            -2-      LRB093 07225 SJM 07381 b
 1        Sec.  15-5.  Property  tax  exemption.  All property of a
 2    neighborhood redevelopment corporation organized  under  this
 3    Act  that  is acquired on or after the effective date of this
 4    amendatory Act of the 93rd General Assembly  is  exempt  from
 5    taxation under the Property Tax Code.