(70 ILCS 510/13)
(from Ch. 85, par. 6213)
Bond and notes; exemption from taxation.
The creation of
the Authority is in all respects for the benefit of the people of Illinois
and for the improvement of their health, safety, welfare, comfort and
security, and its purposes are public purposes. In consideration thereof,
the notes and bonds of the Authority issued pursuant to this Act and the
income therefrom may be free from all taxation by the State or its
political subdivisions except for estate, transfer and inheritance taxes.
The exemption from taxation provided by the preceding sentence shall apply to
the income on any notes or bonds of the Authority only if the Authority in its
judgment determines that the exemption enhances the marketability
of the bonds or notes or reduces the interest rates that would otherwise be
borne by the bonds or notes.
For purposes of Section 250 of the Illinois Income Tax Act, the exemption
of the income from bonds issued by the Authority shall terminate after all of
the bonds have been paid.
The amount of such income that shall be added and then subtracted on the
Illinois income tax return of a taxpayer, pursuant to Section 203 of the
Illinois Income Tax Act, from federal adjusted gross income or federal taxable
income in computing Illinois base income shall be the interest net of any bond
(Source: P.A. 89-460, eff. 5-24-96.)