Full Text of SB1953 98th General Assembly
SB1953enr 98TH GENERAL ASSEMBLY |
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| 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 changing | 5 | | Sections 10-365, 10-370, and 10-380 as follows: | 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, 2016 with the | 11 | | earlier of the year 50 years after January 1, 2006 or the year | 12 | | in which a PPV Lease terminates .
| 13 | | (Source: P.A. 94-974, eff. 6-30-06.) | 14 | | (35 ILCS 200/10-370) | 15 | | Sec. 10-370. Definitions. For the purposes of this Division | 16 | | 14: | 17 | | (a) "PPV Lease" means a leasehold interest in property that | 18 | | is exempt from taxation under Section 15-50 of this Code and | 19 | | that is leased, pursuant to authority set forth in Chapter 10 | 20 | | of the United States Code, to another whose property is not | 21 | | exempt for the purpose of, after January 1, 2006, the design, | 22 | | finance, construction, renovation, management, operation, and |
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| 1 | | maintenance of rental housing units and associated | 2 | | improvements at military training facilities, military bases, | 3 | | and related military support facilities in the State of | 4 | | Illinois. All interests enjoyed pursuant to the authority set | 5 | | forth in Chapter 159 or Chapter 169 of Title 10 of the United | 6 | | States Code are considered leaseholds for the purposes of this | 7 | | Division. The changes to this Section made by this amendatory | 8 | | Act of the 97th General Assembly apply beginning on January 1, | 9 | | 2006. | 10 | | (b) For naval training facilities, naval bases, and naval | 11 | | support facilities, "net "Net operating income" means all | 12 | | revenues received minus the lesser of (i) 62% 42% of all | 13 | | revenues or (ii) actual expenses before interest, taxes, | 14 | | depreciation, and amortization. For all other military | 15 | | training facilities, military bases, and related military | 16 | | support facilities, "net operating income" means all revenues | 17 | | received minus the lesser of (i) 42% of all revenues or (ii) | 18 | | actual expenses before interest, taxes, depreciation, and | 19 | | amortization. | 20 | | (c) "Tax load factor" means the level of assessment, as set | 21 | | forth under item (b) of Section 9-145 or under Section 9-150, | 22 | | multiplied by the cumulative tax rate for the current taxable | 23 | | year.
| 24 | | (Source: P.A. 97-942, eff. 8-10-12.) | 25 | | (35 ILCS 200/10-380) |
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| 1 | | Sec. 10-380. For the taxable years 2006 through 2015 and | 2 | | thereafter , the chief county assessment officer in the county | 3 | | in which property subject to a PPV Lease is located shall apply | 4 | | the provisions of Sections 10-370(b)(i) and 10-375(c)(i) of | 5 | | this Division 14 in assessing and determining the value of any | 6 | | PPV Lease for purposes of the property tax laws of this State. | 7 | | (Source: P.A. 97-942, eff. 8-10-12; revised 10-10-12.)
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