Illinois § 5-50 Taxes

Illinois Statutes

§ 5-50 — Taxes

Illinois § 5-50

JurisdictionIllinois

TopicGOVERNMENT

Ch. 45INTERSTATE COMPACTS

Act 45 ILCS 185/New Harmony Bridge Authority Act.

Art.Part 5 - New Harmony Bridge Authority Act

This text of Illinois § 5-50 (Taxes) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

45 Ill. Comp. Stat. 5-50 (2026).

Text

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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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.