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.


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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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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 15-160 as follows:
 
6    (35 ILCS 200/15-160)
7    Sec. 15-160. Airport authorities and airports.
8    (a) All property belonging to any Airport Authority and
9used for Airport Authority purposes or leased to another
10entity, which property use would be exempt from taxation under
11this Code if it were owned by the lessee entity, is exempt.
12However, the provision added by Public Act 86-219 shall not
13apply to any property of any Airport Authority located in a
14county with more than 3,000,000 inhabitants. Property acquired
15for airport purposes by an Authority shall remain subject to
16any tax previously levied to pay bonds issued and outstanding
17on the date of acquisition.
18    (b) Also exempt is any airport or restricted land area or
19other air navigation facility owned, controlled, operated or
20leased by another state or a political subdivision of another
21state under the provisions of Sections 25.01 to 25.04, both
22inclusive, of the "Illinois Aeronautics Act". However if at the
23time of the acquisition of property to be used for public

 

 

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1airport purposes the city, village, township or school
2district, in which said property is located is indebted for any
3amount for payment of which it provided for the collection of
4taxes, the property acquired for public airport purposes shall
5be subject to taxation for the payment of said indebtedness in
6the same proportion as said property bore to the taxable
7property in said city, village, township or school district
8immediately before the acquisition thereof, according to the
9last assessment for taxation.
10    (c) Also exempt is all property or leasehold interests
11located on Airport Authority property of a fixed base operator
12that provides aeronautical services to the public. This
13subsection applies only to Airport Authority property located
14within a county that borders a State that provides for property
15tax exemptions for property located at an airport and leased to
16a fixed base operator providing aeronautical services to the
17public.
18(Source: Laws 1963, p. 1725; P.A. 86-219; 88-455.)