Bill Title: Amends the Illinois Income Tax Act concerning the definition of "captive real estate investment trusts". Provides that, to be a captive real estate investment trust, at least 50% of the voting power must be controlled by a single corporation (now, controlled by a single person). Exempts from the definition certain real estate investment trusts that are owned and controlled by certain entities that are organized outside of the laws of the United States. Imposes conditions on any rulemaking authority. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2009-08-24 - Public Act . . . . . . . . . 96-0641 [SB1975 Detail]

Text: Latest bill text (Enrolled) [HTML]

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