SB 217

Abstract

Amends the Parking Excise Tax Act. Provides that the tax does not apply to: (1) a parking area or garage operated by the State, a State university, or a unit of local government; (2) the purchase of a parking space by the State, a State university, or a unit of local government for use by employees of the State, State university, or unit of local government; (3) a parking space leased to a governmental entity for use by the public; or (4) a parking area or garage owned and operated by a person engaged in the business of renting real estate and used by the lessee to park motor vehicles, recreational vehicles, or self-propelled vehicles for the lessee's own use. Effective immediately. House Floor Amendment No. 1 Deletes reference to: 35 ILCS 525/10-20 Adds reference to: 20 ILCS 3855/1-130 35 ILCS 200/15-37 35 ILCS 200/21-260 65 ILCS 5/11-74.4-3 from Ch. 24, par. 11-74.4-3 205 ILCS 5/2 from Ch. 17, par. 302 205 ILCS 5/30 from Ch. 17, par. 337 205 ILCS 620/Art. IIA heading new 205 ILCS 620/2A-1 new 205 ILCS 620/2A-2 new 205 ILCS 620/2A-3 new 205 ILCS 725/11 new Replaces everything after the enacting clause. Amends the Illinois Power Agency Act. Provides that a home rule preemption concerning taxes or fees related to electricity is repealed on January 1, 2023 (currently, January 1, 2022). Amends the Property Tax Code. Provides that property that is owned or leased (currently, owned) by a non-profit trust fund and used exclusively for the purposes of educating and training individuals for occupational, trade, and technical careers and is certified by the United States Department of Labor as registered with the Office of Apprenticeship is exempt from taxation under the Code. Provides that, after filing a petition to obtain a tax deed, the owner of a certificate of purchase must file with the clerk of the circuit court (currently, the county clerk) the names and addresses of persons who are entitled to service of notice. Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that "redevelopment project costs" include costs payable to businesses located within the redevelopment area that have experienced business interruption or other adverse conditions directly or indirectly attributable to the COVID-19 public health emergency. Amends the Corporate Fiduciary Act to create the Special Purpose Trust Company Authority and Organization Article. Provides that a corporation that has been or shall be incorporated under the general corporation laws of the State for the special purpose of providing fiduciary custodial services or providing other like or related services as specified by rule may be appointed to act as a fiduciary with respect to such services and shall be designated a special purpose trust company. Provides that the Department of Financial and Professional Regulation shall adopt rules for the administration of the Article, and that specified Articles of the Corporate Fiduciary Act shall apply to a special purpose trust company as if the special purpose trust company were a trust company. Amends the Illinois Banking Act. In provisions concerning conversion and merger with trust companies, provides that a special purpose trust company may merge with a State bank or convert to a State bank as if the special purpose trust company were a trust company. Provides that the Department shall have the authority to adopt rules, opinions, or interpretive letters regarding the provision of custodial services for digital assets by banks, savings banks, credit unions, and corporate fiduciaries authorized under the Certificate Of Authority And Organization Article or Special Purpose Trust Company Authority And Organization Article of the Corporate Fiduciary Act. Effective immediately. House Floor Amendment No. 2 Deletes reference to: 205 ILCS 5/2 from Ch. 17, par. 302 205 ILCS 5/30 from Ch. 17, par. 337 205 ILCS 620/Art. IIA heading new 205 ILCS 620/2A-1 new 205 ILCS 620/2A-2 new 205 ILCS 620/2A-3 new 205 ILCS 725/11 new Replaces everything after the enacting clause. Reinserts the provisions of the engrossed bill. Reinserts the provisions of House Amendment No. 1, but removes provisions from House Amendment No. 1 concerning special purpose trust companies. Provides that the changes to the Property Tax Code in House Amendment No. 1 concerning educational trade schools apply only in a county with a population of more than 3,000,000 inhabitants and a county with a population of more than 600,000 inhabitants but not more than 700,000 inhabitants. Effective immediately. House Floor Amendment No. 3 In provisions concerning a property tax exemption for educational trade schools, provides that a taxpayer may claim the exemption for only one property per county.