Illinois Compiled Statutes 65 ILCS 5/11-65-25 – Tax exemptions for existing public-facilities corporations
Current as of: 2024 | Check for updates
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If, before the effective date of this amendatory Act of the 95th General Assembly, a municipality has incorporated a public-facilities corporation and the public-facilities corporation complies with the requirements set forth in Section 11-65-10, then, for all purposes:
(1) No tax is imposed under the Use Tax Act, the
(1) No tax is imposed under the Use Tax Act, the
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Service Use Tax Act, the Service Occupation Tax Act, or the Retailers’ Occupation Tax Act upon the use or sale of tangible personal property sold to a public-facilities corporation for purposes of constructing or furnishing a municipal convention hall; and
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(2) all real property and the municipal convention
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hall owned by the public-facilities corporation is exempt from property taxation.
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Terms Used In Illinois Compiled Statutes 65 ILCS 5/11-65-25
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.