|
|
|
|
HB1724 Engrossed |
|
LRB095 11205 BDD 31610 b |
|
|
| 1 |
| AN ACT concerning revenue.
|
| 2 |
| Be it enacted by the People of the State of Illinois, |
| 3 |
| represented in the General Assembly:
|
| 4 |
| Section 5. The Property Tax Code is amended by adding |
| 5 |
| Section 10-385 as follows:
|
| 6 |
| (35 ILCS 200/10-385 new)
|
| 7 |
| Sec. 10-385. U.S. Air Force Public/Private Residential |
| 8 |
| Developments. |
| 9 |
| (a) A U.S. Air Force PPV Lease must be classified and |
| 10 |
| valued based upon an income capitalization approach, under |
| 11 |
| which the income attributable to the property is capitalized at |
| 12 |
| a rate of 7.75%. |
| 13 |
| (b) For the purposes of this Section, a "U.S. Air Force PPV |
| 14 |
| Lease" means: (i) a leasehold interest in property that is |
| 15 |
| exempt from taxation under Section 15-50 of this Code and that |
| 16 |
| is leased to another whose property is not exempt, pursuant to |
| 17 |
| authority set forth in Chapter 10 of the United States Code, |
| 18 |
| for the purpose of the design, finance, construction, |
| 19 |
| renovation, management, operation, and maintenance of rental |
| 20 |
| housing units and associated improvements at U.S. Air Force |
| 21 |
| facilities in the State of Illinois; and (ii) private, |
| 22 |
| nonexempt property that the U.S. Air Force leases through its |
| 23 |
| Housing Allowance Program.
|