HB5595 Summary

• Amends Section 15-65 of the Property Tax Code regarding property tax exemptions for charitable purposes.

• Makes a technical correction by removing a redundant instance of the word "the" in the opening language of the charitable exemptions provision.

• Preserves existing exemptions for institutions of public charity, beneficent and charitable organizations, elderly care facilities, health maintenance organizations, public libraries, and historical societies when used exclusively for charitable purposes.

• Maintains provisions allowing property held by title-holding entities, partnerships, limited liability companies, or Low Income Housing Tax Credit properties to qualify for charitable exemptions under specified conditions.