IL HB5540

Amends Section 15-65 of the Property Tax Code regarding charitable property tax exemptions for limited liability companies.

Removes the requirement that a limited liability company must be a "disregarded entity" for federal and Illinois income tax purposes to qualify for a charitable exemption.

Simplifies the conditions for LLC charitable exemption to require only that: (A) the LLC's sole members are institutions of public charity that exclusively use the property for charitable purposes, and (C) the LLC does not lease the property or use it for profit.

Effective immediately upon enactment.