Illinois Statutes
§ 18-110
Illinois·Topic REGULATION·Ch. 220 UTILITIES·Act 220 ILCS 5/ Public Utilities Act.·Art. Article XVIII - Electric Utility Transitional Funding Law
Taxation of transfers of intangible transition property and grantee instruments.
(a)Any sale, pledge, assignment or other transfer of intangible transition property and grantee instruments, if any, shall be exempt from any State or local sales, income, transfers, gains, receipts or similar taxes.
(b)Any transfer of intangible transition property and grantee instruments, if any, shall be treated as a pledge or other financing for State tax purposes, including State and local income and franchise taxes, unless the documents governing such transfer specifically state that the transfer is intended to be treated otherwise.
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Legislative History
(Source: P.A. 90-561, eff. 12-16-97.)
Nearby Sections
12
§ 18
Dissolution§ 18-101
Short title and applicability§ 18-102
Definitions§ 18-103
Transitional funding orders§ 18-105
Intangible transition property§ 18-106
Grantee instruments§ 18-107
§ 18-107§ 18-108
Characterization of transfer§ 18-109
§ 18-109§ 18-110
§ 18-110§ 18-111
§ 18-111