(a) Any sale, pledge, assignment or other transfer of intangible transition property and grantee instruments, if any, shall be exempt from any State or local sales, income, transfers, gains, receipts or similar taxes. (b) Any transfer of intangible transition property and grantee instruments, if any, shall be treated as a pledge or other financing for State tax purposes, including State and local income and franchise taxes, unless the documents governing such transfer specifically state that the transfer is intended to be treated otherwise.
220 ILCS 5/18-110
Taxation of transfers of intangible transition property and grantee instruments
Known as the Electric Utility Transitional Funding Law
The act spans §§ 220-5-18-101 to 220-5-18-111 (11 sections).
P.A. 90-561, eff. 12-16-97.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.