§ 11. Tax exemption. The Authority shall not be required to pay any taxes or assessments of any kind
whatsoever and its bonds, their transfer, the interest payable on them, and any income
derived from them may be exempt by the election of the Authority at the time of issuance
and at all times from every kind and nature of taxation by this State or by any of
its political subdivisions, municipal corporations, or public agencies of any kind,
except for estate, transfer, and inheritance taxes as provided in Section 13. For purposes of Section 250 of the Illinois Income Tax Act, 1 the exemption of the income from bonds issued by the Authority shall terminate after
all of the bonds have been paid. The amount of such income that shall be added and then subtracted on the Illinois
income tax return of a taxpayer, pursuant to Section 203 of the Illinois Income Tax
Act, 2 from federal adjusted gross income or federal taxable income in computing Illinois
base income shall be the interest net of any bond premium amortization.
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?
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.