(70 ILCS 520/7.5)
Tax exemption of bonds.
The issuance of bonds under this Act
is deemed an essential public and governmental purpose.
Interest on the bonds issued
under this Act after the effective date of this amendatory Act of 1996
exempt from taxation within this State.
For purposes of Section 250 of the Illinois Income Tax Act, the exemption of
the interest from bonds granted under this Section 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.)