Full Text of SB2445 102nd General Assembly
SB2445sam001 102ND GENERAL ASSEMBLY | Sen. Mattie Hunter Filed: 4/8/2021
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| 1 | | AMENDMENT TO SENATE BILL 2445
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 2445 on page 2, | 3 | | line 4, after "service.", by inserting "No credit period may | 4 | | include a taxable year beginning prior to January 1, 2024."; | 5 | | and
| 6 | | on page 2, by replacing lines 24 through 26 with the following: | 7 | | "credit set forth in Section 42 of the Internal Revenue | 8 | | Code."; and | 9 | | on page 4, line 19, by replacing "2021" with "2024"; and | 10 | | on page 9, line 1, by replacing "2022" with "2025"; and | 11 | | on page 9, line 13, by replacing "Department and the | 12 | | Department of Insurance" with "owner of the qualified | 13 | | development, the Department, and the Department of Insurance"; | 14 | | and |
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| 1 | | on page 9, line 14, by replacing "recaptured", with | 2 | | "recaptured and the event triggering recapture. The Authority | 3 | | shall provide such notice to the Department and Department of | 4 | | Insurance no earlier than 6 months after the event triggering | 5 | | recapture to allow the owner of the qualified development an | 6 | | opportunity to correct the event."; and | 7 | | on page 9, line 17, by replacing "and" with "or"; and | 8 | | on page 9, line 23, after "recapture.", by inserting "If | 9 | | multiple taxpayers claimed a credit with respect to the | 10 | | building for which the credit is to be recaptured, each of | 11 | | those taxpayers shall be liable for a portion of the recapture | 12 | | equal to the percentage of credit with respect to that | 13 | | building originally claimed by that taxpayer."; and | 14 | | on page 11, lines 4 and 5, by replacing "by December 31 of each | 15 | | allocation year" with "by February 28 of each year following | 16 | | the annual allocation"; and | 17 | | on page 13, line 21, by replacing " 2022 " with " 2025 "; and | 18 | | on page 13, line 23, by replacing " 2021 " with " 2024 "; and | 19 | | on page 15, line 3, by replacing " 2022 " with " 2024 "; and |
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| 1 | | on page 21, lines 12 and 13, by replacing "by adding Section | 2 | | 15-178" with "by changing Section 10-260 and by adding Section | 3 | | 15-178"; and | 4 | | on page 21, immediately below line 13, by inserting the | 5 | | following:
| 6 | | "(35 ILCS 200/10-260)
| 7 | | Sec. 10-260. Low-income housing. In determining the fair
| 8 | | cash value of property receiving benefits from the Low-Income | 9 | | Housing Tax
Credit authorized by Section 42 of the Internal | 10 | | Revenue Code, 26 U.S.C. 42,
emphasis shall be given to the | 11 | | income approach , except in those circumstances
where another | 12 | | method is clearly more appropriate .
| 13 | | In counties with more than 3,000,000 inhabitants, during a | 14 | | general reassessment year in accordance with Section 9-220 or | 15 | | at such other time that a property is reassessed, to determine | 16 | | the fair cash value of any low-income housing project that | 17 | | qualifies for the Low-Income Housing Tax Credit under Section | 18 | | 42 of the Internal Revenue Code: (i) in assessing any building | 19 | | with 7 or more units, the assessment officer must consider the | 20 | | actual or projected net operating income attributable to the | 21 | | property, capitalized at rates for similarly encumbered | 22 | | Section 42 properties; and (ii) in assessing any building with | 23 | | 6 units or less, the assessment officer, prior to finalizing |
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| 1 | | and certifying assessments to the Board of Review, shall | 2 | | reassess the building considering the actual or projected net | 3 | | operating income attributable to the property, capitalized at | 4 | | rates for similarly encumbered Section 42 properties. The | 5 | | capitalization rate for items (i) and (ii) shall be one that | 6 | | reflects the prevailing cost of capital for other types of | 7 | | similarly encumbered Section 42 properties in the geographic | 8 | | market in which the low-income housing project is located. | 9 | | All low-income housing projects that seek to be assessed | 10 | | in accordance with the provisions of this Section shall | 11 | | certify to the appropriate local assessment officer that the | 12 | | owner or owners qualify for the Low-Income Housing Tax Credit | 13 | | under Section 42 of the Internal Revenue Code for the | 14 | | property, in a form prescribed by that assessment officer. | 15 | | (Source: P.A. 91-502, eff. 8-13-99; 92-16, eff. 6-28-01.)"; | 16 | | and
| 17 | | on page 25, line 22, by replacing " or improvements are " with | 18 | | " is "; and | 19 | | on page 26, line 3, by replacing " or improvements are " with | 20 | | " is "; and | 21 | | on page 26, line 10, by replacing " or improvements are " with | 22 | | " is "; and |
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| 1 | | on page 26, line 17, by replacing " or improvements are " with | 2 | | " is "; and | 3 | | on page 26, lines 25 and 26, by replacing " or improvements are " | 4 | | with " is "; and | 5 | | on page 34, line 11, by replacing " , " with " : "; and | 6 | | on page 34, immediately below line 14, by inserting the | 7 | | following: | 8 | | " "Assessed value for the residential real property in the | 9 | | base year" means the value in effect at the end of the taxable | 10 | | year prior to the latter of: (1) the date of initial | 11 | | application; or (2) the date on which 20% of the total number | 12 | | of units in the property are occupied by eligible tenants | 13 | | paying eligible rent under this Section. "; and | 14 | | on page 49, line 15, by replacing " 2022 " with " 2025 "; and | 15 | | on page 49, line 17, by replacing " 2021 " with " 2024 "; and | 16 | | on page 53, line 1, by replacing " 2022 " with " 2025 "; and | 17 | | on page 53, line 3, by replacing " 2021 " with " 2024 ".
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