(70 ILCS 3210/60)
Sec. 60.
Tax exemption.
(a) Neither the Authority nor any governmental owner of a facility or
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 payable 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 premium
amortization.
(Source: P.A. 93-227, eff. 1-1-04.)
|