Illinois General Assembly - Bill Status for HB4142

Amends the Property Tax Code. Provides that a Section of the Code concerning exemptions for leaseback property also applies to property that is (i) owned by a private entity and (ii) eligible for a religious or charitable exemption under the Code. Provides that, for purposes of the exemption, the lessee shall be treated as if it were the owner of the property as long as the property is used for school, religious, or charitable purposes. Contains provisions requiring that the funds received from the conveyance of the property must be used for certain purposes. Provides that projects using funds from the sale of certain property that is subject to a leaseback are subject to the provisions of the Illinois Prevailing Wage Act for the initial construction of the improvements and all bidders for those projects shall comply with the Illinois Procurement Code. Effective immediately.

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