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90_SB1604 70 ILCS 530/7.5 new Amends the Upper Illinois River Valley Development Authority Act. Provides that on and after the effective date of this amendatory Act, bonds issued by the Authority under the Act and the interest therefrom shall be exempt from State taxation, except for estate, transfer, and inheritance taxes. Effective immediately. LRB9011524KDpk LRB9011524KDpk 1 AN ACT to amend the Upper Illinois River Valley 2 Development Authority Act by adding Section 7.5. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Upper Illinois River Valley Development 6 Authority Act is amended by adding Section 7.5 as follows: 7 (70 ILCS 530/7.5 new) 8 Sec. 7.5. Tax exemption of bonds. Beginning on and 9 after the effective date of this amendatory Act of 1998, the 10 bonds of the Authority issued under Section 7 of this Act and 11 the income therefrom shall be free from all taxation by the 12 State or its political subdivisions, except for estate, 13 transfer, and inheritance taxes. For purposes of Section 250 14 of the Illinois Income Tax Act, the exemption of income from 15 bonds issued by the Authority shall terminate after all of 16 the bonds have been paid. The amount of such income that 17 shall be added and then subtracted on the Illinois income tax 18 return of a taxpayer, under Section 203 of the Illinois 19 Income Tax Act, from federal adjusted gross income or federal 20 taxable income in computing Illinois base income shall be the 21 interest net of any bond premium amortization 22 Section 99. Effective date. This Act takes effect upon 23 becoming law.
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