HB1926 EnrolledLRB097 07691 HLH 47802 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by changing
5Section 15-95 as follows:
 
6    (35 ILCS 200/15-95)
7    Sec. 15-95. Housing authorities.
8    (a) All property of housing authorities created under the
9Housing Authorities Act is exempt, if the property and
10improvements are used for low rent housing and related uses.
11However, property or portions thereof intended or used for
12stores or other commercial purposes are not exempt. Nothing
13herein shall exempt property of housing authorities or any part
14thereof from special assessments or special taxation for local
15improvements. Nothing contained in this Section shall be
16construed as limiting the power of any political subdivision of
17this State to sell or furnish a housing authority with water,
18electricity, gas, or other services and facilities under the
19same basis that those services and facilities are rendered to
20others under similar circumstances.
21    (b) Property otherwise qualifying for an exemption under
22this Section shall not lose its exemption because the legal
23title is held by either: (i) an entity that is organized as a

 

 

HB1926 Enrolled- 2 -LRB097 07691 HLH 47802 b

1partnership or limited liability company, in which the housing
2authority, or an affiliate or subsidiary of the housing
3authority, is a general partner of the partnership or managing
4member of the limited liability company; or (ii) an entity that
5is organized as a partnership or limited liability company, in
6which the housing authority, or an affiliate or subsidiary of
7the housing authority, is a general partner of the partnership
8or managing member of the limited liability company, for the
9purposes of owning and operating a residential rental property
10that has received an allocation of Low Income Housing Tax
11Credits for 100% of the dwelling units under Section 42 of the
12Internal Revenue Code of 1986, as amended.
13(Source: Laws 1959, p. 1549, 1554, 2219, and 2224; P.A.
1488-455.)
 
15    Section 99. Effective date. This Act takes effect upon
16becoming law.