(70 ILCS 3205/15)
(from Ch. 85, par. 6015)
(A) Neither the Authority nor any governmental owner of a
that governmental owner's tenant shall be required to pay
property taxes on any facility, nor shall the interest of
a tenant in any facility either owned by the Authority or owned by any
governmental owner to which the Authority has provided financial assistance
be subject to property taxes.
(B) Bonds issued by the Authority, their transfer, the interest
on them, and any income derived from them shall be exempt from income taxes or
from taxation by any political subdivisions, municipal
corporations or public agencies of any kind of this State.
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. 91-935, eff. 6-1-01.)