HB4110 97TH GENERAL ASSEMBLY

LRB097 17764 HLH 62979 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB4110

Introduced , by Rep. Patrick J. Verschoore

SYNOPSIS AS INTRODUCED:

35 ILCS 200/15-160

Amends the Property Tax Code. Provides that leasehold interests located on Airport Authority property of a fixed base operator providing aeronautical services to the public are exempt if the property is located within a county that borders a State that provides for property tax exemptions for property located at an airport and leased to a fixed base operator providing aeronautical services to the public.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by changing Section 15-160 as follows:

(35 ILCS 200/15-160)

Sec. 15-160. Airport authorities and airports.

(a) All property belonging to any Airport Authority and used for Airport Authority purposes or leased to another entity, which property use would be exempt from taxation under this Code if it were owned by the lessee entity, is exempt. However, the provision added by Public Act 86-219 shall not apply to any property of any Airport Authority located in a county with more than 3,000,000 inhabitants. Property acquired for airport purposes by an Authority shall remain subject to any tax previously levied to pay bonds issued and outstanding on the date of acquisition.

(b) Also exempt is any airport or restricted land area or other air navigation facility owned, controlled, operated or leased by another state or a political subdivision of another state under the provisions of Sections 25.01 to 25.04, both inclusive, of the "Illinois Aeronautics Act". However if at the time of the acquisition of property to be used for public airport purposes the city, village, township or school district, in which said property is located is indebted for any amount for payment of which it provided for the collection of taxes, the property acquired for public airport purposes shall be subject to taxation for the payment of said indebtedness in the same proportion as said property bore to the taxable property in said city, village, township or school district immediately before the acquisition thereof, according to the last assessment for taxation.

(c) Also exempt is all property or leasehold interests located on Airport Authority property of a fixed base operator that provides aeronautical services to the public. This subsection applies only to Airport Authority property located within a county that borders a State that provides for property tax exemptions for property located at an airport and leased to a fixed base operator providing aeronautical services to the public.

(Source: Laws 1963, p. 1725; P.A. 86-219; 88-455.)