WILL COUNTY AIRPORT DEVELOPMNT

Amends the Property Tax Code to exempt the lessee of each parcel of real property in Will County owned by the State of Illinois for the purpose of developing an airport from the payment of property taxes on that property. Provides that, through December 31, 2010, the Department of Transportation shall pay to the Will County Treasurer, from the Tax and Assessment Recovery Fund (a new Fund created in the State Finance Act into which the State shall deposit all receipts from the lease of this property), on or before July 1 of each year, the amount of rent collected for each parcel during the previous year, which payment shall not exceed, for each parcel, the assessed tax amount for the 2001 property tax year (tax compensation). Amends the Illinois Drainage Code. Provides that real property owned by the State of Illinois in Will County for the purpose of developing an airport is exempt from assessments. Provides that, through December 31, 2010, the affected drainage district shall be paid, from the Tax and Assessment Recovery Fund, on or before July 1 of each year, the amount of rent collected for each parcel during the previous year, reduced by the amount paid to the Will County Treasurer for tax compensation, which annual payment to each drainage district shall not exceed, for each parcel, the assessment amount for the 2001 property assessment year. Amends the State Finance Act to create the Tax and Assessment Recovery Fund. Effective immediately.