Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
§ 414a. Notwithstanding the provisions of this or any other Act, the tax authorized by Section 414 of this Act shall not be imposed after January 1, 1979; provided that this Section shall not prohibit the collection after January 1, 1979 of any taxes levied under Section 414 prior to January 1, 1979, on property subject to assessment and taxation under Section 414 of this Act prior to January 1, 1979. For the purpose of replacing the revenue lost by taxing districts, as defined in Section 1-150 of the Property Tax Code, 1 as a result of the abolition of ad valorem taxes on personal property after January 1, 1979, there shall be imposed the taxes described in Section 201(c) and (d) of the Illinois Income Tax Act, 2 Section 2a.1 of the Messages Tax Act, 3 Section 2a.1 of the Gas Revenue Tax Act, 4 Section 2a.1 of the Public Utilities Revenue Act, 5 and Section 1 of the Water Company Invested Capital Tax Act. 6 Such replacement taxes owed within one year of the effective date of the taxes established by this amendatory Act of 1979 shall replace the personal property tax levies of 1979. The replacement taxes owed in each succeeding year shall replace the personal property tax that could have been levied in each succeeding year.
Cite this article: FindLaw.com - Illinois Statutes Chapter 215. Insurance § 5/414a. Time for imposition of tax; replacement of lost revenues - last updated January 01, 2019 | https://codes.findlaw.com/il/chapter-215-insurance/il-st-sect-215-5-414a.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?