Rep. Kenneth Dunkin
Filed: 5/27/2011
 
 

 

 

 
09700SB1286ham003LRB097 08202 HLH 56340 a



1
AMENDMENT TO SENATE BILL 1286




2    AMENDMENT NO. ______. Amend Senate Bill 1286, AS AMENDED, 
3by inserting immediately below the enacting clause the 
4following:

 
5    "Section 3. The Illinois Finance Authority Act is amended  
6by changing Section 845-60 as follows:
 



7    (20 ILCS 3501/845-60)



8    Sec. 845-60. Tax Exemption.  
9    (a) The tax exemptions of outstanding bonds issued
by the 
10Predecessor Authorities pursuant to sections of the enabling 
11acts of the
Predecessor Authorities applicable to those bonds 
12when issued shall remain
valid
and continue to be recognized by 
13the State until final payment of those bonds,
notwithstanding 
14the repeal of the enabling acts of the Predecessor Authorities.

15    (b)  The exercise of powers granted in this Act is in all 
16respects for the benefit of the people of Illinois and in 
 
 
09700SB1286ham003- 2 -LRB097 08202 HLH 56340 a

1consideration thereof, except as otherwise provided in this Act 
2(including particularly without limitation Sections 820-60 and 
3825-55 of this Act, which shall apply without regard to this 
4Section), any bonds issued pursuant to this Act for any purpose 
5for which bonds may also be issued by the Central Illinois 
6Economic Development Authority, the Eastern Illinois Economic 
7Development Authority, the Quad Cities Regional Economic 
8Development Authority, the Southeastern Illinois Economic 
9Development Authority, the Southern Illinois Economic 
10Development Authority, the Southwestern Illinois Development 
11Authority, the Upper Illinois River Valley Development 
12Authority, or the Western Illinois Economic Development 
13Authority, for any project located within the jurisdiction of 
14that Authority, and the income therefrom shall, with the 
15written approval of the Governor, be free from all taxation by 
16the State and its political subdivisions, except for estate, 
17transfer, and inheritance taxes.  For purposes of Section 250 of 
18the Illinois Income Tax Act, the exemption of the income 
19granted under this subsection (b) shall terminate after all of 
20the bonds entitled to the exemption have been paid.  The amount 
21of such income that shall be added and then subtracted on the 
22Illinois income tax return of a taxpayer, pursuant to Section 
23203 of the Illinois Income Tax Act, from federal adjusted gross 
24income or federal taxable income in computing Illinois base 
25income shall be the interest net of any bond premium 
26amortization. 
 
 
09700SB1286ham003- 3 -LRB097 08202 HLH 56340 a

1(Source: P.A. 93-205, eff. 1-1-04.)".