IL HB4110

Adds Section 15-160 to the Property Tax Code, which provides tax exemption for property belonging to Airport Authorities that is used for Airport Authority purposes or leased to entities whose property use would otherwise be exempt from taxation.

Exempts airports and air navigation facilities owned, controlled, operated, or leased by other states or political subdivisions of other states, with exceptions for local tax debts existing at the time of property acquisition.

Creates a new exemption for leasehold interests and improvements when the Metropolitan Airport Authority of Rock Island County leases property to a fixed base operator that provides aeronautical services to the public.

Amends Section 9-195 to reference Section 15-160 in the list of exceptions to leasehold taxation of exempt property.