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IL HB5542
Bill
Status
Failed
1/7/2025
Primary Sponsor
Tracy Katz Muhl
Click for details
AI Summary
- Amends Section 15-65 of the Property Tax Code regarding exemptions for charitable purposes
- Expands exemption eligibility for beneficent and charitable organizations to include those that distribute, sell, or resale donated goods and use all income from these activities to support charitable, religious, or beneficent activities
- Requires old people's homes, facilities for persons with developmental disabilities, and not-for-profit organizations to provide evidence of IRS Section 501(c)(3) status and either have bylaws providing fee waivers based on ability to pay or be qualified under Section 202 of the National Housing Act
- Allows Department to periodically review and revoke exemptions for organizations whose fee waiver or reduction policies are no longer current
- Permits property held by title-holding entities organized under Section 501(c)(2) of the Internal Revenue Code or by charitable organization-led partnerships to retain exempt status
Legislative Description
PROP TX-CHARITABLE EXEMPTION
Last Action
Session Sine Die
1/7/2025
Committee Referrals
Rules4/19/2024
Revenue & Finance4/4/2024
Property Tax3/8/2024
Revenue & Finance2/28/2024
Rules2/9/2024
Full Bill Text
No bill text available