(70 ILCS 510/11) (from Ch. 85, par. 6211)
Sec. 11.
Tax exemption.
The Authority shall not be required to pay
any taxes or assessments of any kind whatsoever and its bonds, their
transfer, the interest payable on them, and any income derived from them may be exempt by
the election of the Authority at the time of issuance and at all times from
every kind and nature of taxation by this State or by any of its political
subdivisions, municipal corporations, or public agencies of any kind,
except for estate, transfer, and inheritance taxes as provided in Section 13.
For purposes of Section 250 of the Illinois Income Tax Act, the exemption
of the income from bonds issued by the Authority shall terminate after all of
the bonds have been paid.
The amount of such income that shall be added and then subtracted on the
Illinois income tax return of a taxpayer, pursuant to Section 203 of the
Illinois Income Tax Act, from federal adjusted gross income or federal taxable
income in computing Illinois base income shall be the interest net of any bond
premium amortization.
(Source: P.A. 89-460, eff. 5-24-96.)
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