093_SB1474eng

 
SB1474 Engrossed                     LRB093 04111 SJM 04151 b

 1        AN ACT concerning taxes.

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

 4        Section  5.  The Property Tax Code is amended by changing
 5    Section 15-95 as follows:

 6        (35 ILCS 200/15-95)
 7        Sec. 15-95.  Housing  authorities;  low-rent  and  public
 8    housing.  All  property  of housing authorities created under
 9    the Housing Authorities Act is exempt, if  the  property  and
10    improvements  are used for low rent housing and related uses.
11    In  addition,  residential  rental  units   situated   in   a
12    municipality   with   1,000,000   or  more  inhabitants  that
13    constitute public housing as defined in Section 3(b)  of  the
14    United  States  Housing  Act of 1937, as amended from time to
15    time, and any successor legislation thereto, whether  or  not
16    the  property  of  a  housing authority, subject to a leasing
17    agreement, regulatory and  operating  agreement,  or  similar
18    instrument with a housing authority created under the Housing
19    Authorities  Act are exempt if those residential rental units
20    are used solely for public housing and related uses. However,
21    property or portions thereof intended or used for  stores  or
22    other  commercial  purposes  are  not  exempt. Nothing herein
23    shall exempt property of  housing  authorities  or  any  part
24    thereof  from  special  assessments  or  special taxation for
25    local improvements. Nothing contained in this  Section  shall
26    be   construed   as  limiting  the  power  of  any  political
27    subdivision of this  State  to  sell  or  furnish  a  housing
28    authority with water, electricity, gas, or other services and
29    facilities  under  the  same  basis  that  those services and
30    facilities   are   rendered   to   others    under    similar
31    circumstances.
 
SB1474 Engrossed            -2-      LRB093 04111 SJM 04151 b
 1    (Source:  Laws  1959,  p.  1549,  1554,  2219, and 2224; P.A.
 2    88-455.)

 3        Section 99.  Effective date.  This Act takes effect  upon
 4    becoming law.