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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.