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| [ House Amendment 001 ] |
90_HB1310
65 ILCS 5/11-94-1.2 new
Amends the Illinois Municipal Code. Provides that the
notes and bonds issued for purposes involving natatoriums or
swimming pools, indoor or outdoor tennis courts, handball,
racquetball, or squash courts, artificial ice skating rinks,
golf courses, or any other recreational facility by a
municipality, and the income therefrom, shall be free from
all taxation by the State or its political subdivisions
except for estate, transfer, and inheritance taxes.
Effective immediately.
LRB9004652KDks
LRB9004652KDks
1 AN ACT to amend the Illinois Municipal Code by adding
2 Section 11-94-1.2.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Municipal Code is amended by
6 adding Section 11-94-1.2 as follows:
7 (65 ILCS 5/11-94-1.2 new)
8 Sec. 1.2. Bond and notes; exemption from taxation. The
9 notes and bonds of the municipality issued pursuant to this
10 Division and the income therefrom shall be free from all
11 taxation by the State or its political subdivisions except
12 for estate, transfer, and inheritance taxes. For purposes of
13 Section 250 of the Illinois Income Tax Act, the exemption of
14 the income from bonds issued by the Authority shall terminate
15 after all of the bonds have been paid. The amount of such
16 income that shall be added and then subtracted on the
17 Illinois income tax return of a taxpayer, pursuant to Section
18 203 of the Illinois Income Tax Act, from federal adjusted
19 gross income or federal taxable income in computing Illinois
20 base income shall be the interest net of any bond premium
21 amortization.
22 Section 99. Effective date. This Act takes effect upon
23 becoming law.