HB2885 97TH GENERAL ASSEMBLY

LRB097 06851 HLH 46944 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB2885

Introduced 2/22/2011, by Rep. Charles E. Jefferson

SYNOPSIS AS INTRODUCED:

35 ILCS 200/15-190 new

Amends the Property Tax Code. Provides that, beginning in taxable year 2011, all property owned by an exempt organization under Section 501(c) of the Internal Revenue Code or its successor is exempt from taxation under the Code when exclusively used for a purpose authorized to be exempted under the Illinois Constitution.

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 adding Section 15-190 as follows:

(35 ILCS 200/15-190 new)

Sec. 15-190. Section 501(c) organizations. Notwithstanding any other provision of law, beginning in taxable year 2011, all property owned by an exempt organization under Section 501(c) of the Internal Revenue Code or its successor is exempt from taxation under this Code when exclusively used for a purpose authorized under Section 6 of Article IX of the Illinois Constitution.