HB 4049 Summary

• Amends Section 7o of the General Property Tax Act to clarify and expand tax exemptions for real and personal property owned by nonprofit charitable institutions and charitable trusts.

• Property owned by nonprofit charitable institutions, charitable trusts, nonprofit hospitals, and nonprofit educational institutions is exempt from property tax when used solely for the purposes for which they were organized or established.

• Property leased or made available by nonprofit charitable institutions to governmental entities is exempt from taxes if the property would qualify for exemption under Section 7m and if it would be exempt if occupied by the lessor nonprofit institution.

• Real property held by qualified conservation organizations for conservation purposes and open to state residents for educational or recreational activities (hiking, bird watching, skiing, etc.) is exempt from property tax.

• Nonprofit corporations exempt from federal taxation under Section 501(c)(3) that operate skilled nursing facilities, homes for the aged, adult foster care facilities, or provide services to disabled persons are exempt from property tax when owned and occupied by the nonprofit.