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91_SB0233enr SB233 Enrolled LRB9100867PTpk 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 the 9 effective date of this amendatory Act of the 91st General 10 Assembly, the bonds of the Authority issued under Section 7 11 of this Act and the income from the bonds shall be free from 12 all taxation by the State or its political subdivisions, 13 except for estate, transfer, and inheritance taxes. For 14 purposes of Section 250 of the Illinois Income Tax Act, the 15 exemption of income from bonds issued by the Authority shall 16 terminate after all of the bonds have been paid. The amount 17 of such income that shall be added and then subtracted on the 18 Illinois income tax return of a taxpayer, under Section 203 19 of the Illinois Income Tax Act, from federal adjusted gross 20 income or federal taxable income in computing Illinois base 21 income shall be the interest net of any bond premium 22 amortization. 23 Section 99. Effective date. This Act takes effect upon 24 becoming law.