Illinois Statutes
§ 5-50 — Taxes
Illinois·Topic GOVERNMENT·Ch. 45 INTERSTATE COMPACTS·Act 45 ILCS 185/ New Harmony Bridge Authority Act.·Art. Part 5 - New Harmony Bridge Authority Act
The Authority has no independent power to tax. The Authority is not required to pay any taxes or assessments of any kind or nature upon any property required or used by it for its purposes or any rates, fees, rents, receipts, or incomes at any time received by it. The bonds issued by the Authority under item (9) of subsection (a) of Section 5-40, their transfer, and the income from the bonds are not taxable income for the purposes of the individual and corporate income tax under Illinois law and shall not be taxed by any unit of local government.
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Legislative History
(Source: P.A. 100-981, eff. 8-19-18.)
Nearby Sections
15
§ 5
§ 5§ 5-1
Short title§ 5-10
Purposes§ 5-15
Definitions§ 5-20
Compacts authorized§ 5-25
Contents of compacts§ 5-35
Medical assistance§ 5-40
Federal participation§ 5-45
Bridge rehabilitation§ 5-5
Findings§ 5-50
Taxes§ 50
Eminent domain