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| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB2782 Introduced 2/17/2016, by Sen. Terry Link SYNOPSIS AS INTRODUCED:
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| 35 ILCS 200/10-365 | | 35 ILCS 200/10-380 | |
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Amends the Property Tax Code. Provides that the valuation procedures for PPV leases sunsets on January 1, 2017 (currently, January 1, 2016). Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | SB2782 | | LRB099 20594 HLH 45317 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by changing |
| 5 | | Sections 10-365 and 10-380 as follows:
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| 6 | | (35 ILCS 200/10-365) |
| 7 | | Sec. 10-365. U.S. Military Public/Private Residential |
| 8 | | Developments. PPV Leases must be classified and valued as set |
| 9 | | forth in Sections 10-370 through 10-380 during the period |
| 10 | | beginning January 1, 2006 and ending January 1, 2017 January 1, |
| 11 | | 2016.
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| 12 | | (Source: P.A. 98-494, eff. 1-1-14.)
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| 13 | | (35 ILCS 200/10-380) |
| 14 | | Sec. 10-380. For the taxable years 2006 through 2016 2015, |
| 15 | | the chief county assessment officer in the county in which |
| 16 | | property subject to a PPV Lease is located shall apply the |
| 17 | | provisions of Sections 10-370(b)(i) and 10-375(c)(i) of this |
| 18 | | Division 14 in assessing and determining the value of any PPV |
| 19 | | Lease for purposes of the property tax laws of this State. |
| 20 | | (Source: P.A. 97-942, eff. 8-10-12; 98-463, eff. 8-16-13; |
| 21 | | 98-494, eff. 1-1-14.)
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