Groundbreaking Legislation on Property Tax and Sales Tax Exemptions for Illinois Hospitals

more+
less-

Illinois Governor Patrick Quinn just signed into law a comprehensive and groundbreaking legislative package that significantly changes the criteria for establishing and maintaining property tax exemptions and sales tax exemptions for Illinois not-for-profit hospitals and their affiliates. The new laws, which became effective on June 14, 2012, are intended to end the controversy and uncertainty surrounding the test for charitable property tax exemptions for hospitals that have plagued the industry for many years.

Concepts Underlying New Exemption Laws

In the underlying legislative findings, the Illinois General Assembly states: “[I]t is essential to ensure that tax exemption law relating to hospitals accounts for the complexities of the modern health care delivery system.” The findings also indicate that the legislation is intended to increase access to hospitals and other health care facilities by low-income and underserved individuals.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Published In: General Business Updates, Health Updates, Nonprofits Updates, Commercial Real Estate Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© McDermott Will & Emery | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »