Sec. 5-50. Taxes.
103 words·~1 min read·
/il/chapter-45/act-185/5-50A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 5-50. Taxes. The Authority has no independent power to tax. The Authority is not required to pay any taxes or assessments of any kind or nature upon any property required or used by it for its purposes or any rates, fees, rents, receipts, or incomes at any time received by it. The bonds issued by the Authority under item
(9)of subsection
(a)of Section 5-40, their transfer, and the income from the bonds are not taxable income for the purposes of the individual and corporate income tax under Illinois law and shall not be taxed by any unit of local government.