Illinois General Assembly - Full Text of SB2445
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Full Text of SB2445  102nd General Assembly


Sen. Mattie Hunter

Filed: 4/8/2021





10200SB2445sam001LRB102 17214 HLH 24846 a


2    AMENDMENT NO. ______. Amend Senate Bill 2445 on page 2,
3line 4, after "service.", by inserting "No credit period may
4include a taxable year beginning prior to January 1, 2024.";
6on page 2, by replacing lines 24 through 26 with the following:
7"credit set forth in Section 42 of the Internal Revenue
8Code."; and
9on page 4, line 19, by replacing "2021" with "2024"; and
10on page 9, line 1, by replacing "2022" with "2025"; and
11on page 9, line 13, by replacing "Department and the
12Department of Insurance" with "owner of the qualified
13development, the Department, and the Department of Insurance";



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1on page 9, line 14, by replacing "recaptured", with
2"recaptured and the event triggering recapture. The Authority
3shall provide such notice to the Department and Department of
4Insurance no earlier than 6 months after the event triggering
5recapture to allow the owner of the qualified development an
6opportunity to correct the event."; and
7on page 9, line 17, by replacing "and" with "or"; and
8on page 9, line 23, after "recapture.", by inserting "If
9multiple taxpayers claimed a credit with respect to the
10building for which the credit is to be recaptured, each of
11those taxpayers shall be liable for a portion of the recapture
12equal to the percentage of credit with respect to that
13building originally claimed by that taxpayer."; and
14on page 11, lines 4 and 5, by replacing "by December 31 of each
15allocation year" with "by February 28 of each year following
16the annual allocation"; and
17on page 13, line 21, by replacing "2022" with "2025"; and
18on page 13, line 23, by replacing "2021" with "2024"; and
19on page 15, line 3, by replacing "2022" with "2024"; and



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1on page 21, lines 12 and 13, by replacing "by adding Section
215-178" with "by changing Section 10-260 and by adding Section
315-178"; and
4on page 21, immediately below line 13, by inserting the
6    "(35 ILCS 200/10-260)
7    Sec. 10-260. Low-income housing. In determining the fair
8cash value of property receiving benefits from the Low-Income
9Housing Tax Credit authorized by Section 42 of the Internal
10Revenue Code, 26 U.S.C. 42, emphasis shall be given to the
11income approach, except in those circumstances where another
12method is clearly more appropriate.
13    In counties with more than 3,000,000 inhabitants, during a
14general reassessment year in accordance with Section 9-220 or
15at such other time that a property is reassessed, to determine
16the fair cash value of any low-income housing project that
17qualifies for the Low-Income Housing Tax Credit under Section
1842 of the Internal Revenue Code: (i) in assessing any building
19with 7 or more units, the assessment officer must consider the
20actual or projected net operating income attributable to the
21property, capitalized at rates for similarly encumbered
22Section 42 properties; and (ii) in assessing any building with
236 units or less, the assessment officer, prior to finalizing



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1and certifying assessments to the Board of Review, shall
2reassess the building considering the actual or projected net
3operating income attributable to the property, capitalized at
4rates for similarly encumbered Section 42 properties. The
5capitalization rate for items (i) and (ii) shall be one that
6reflects the prevailing cost of capital for other types of
7similarly encumbered Section 42 properties in the geographic
8market in which the low-income housing project is located.
9    All low-income housing projects that seek to be assessed
10in accordance with the provisions of this Section shall
11certify to the appropriate local assessment officer that the
12owner or owners qualify for the Low-Income Housing Tax Credit
13under Section 42 of the Internal Revenue Code for the
14property, in a form prescribed by that assessment officer.
15(Source: P.A. 91-502, eff. 8-13-99; 92-16, eff. 6-28-01.)";
17on page 25, line 22, by replacing "or improvements are" with
18"is"; and
19on page 26, line 3, by replacing "or improvements are" with
20"is"; and
21on page 26, line 10, by replacing "or improvements are" with
22"is"; and



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1on page 26, line 17, by replacing "or improvements are" with
2"is"; and
3on page 26, lines 25 and 26, by replacing "or improvements are"
4with "is"; and
5on page 34, line 11, by replacing "," with ":"; and
6on page 34, immediately below line 14, by inserting the
8    ""Assessed value for the residential real property in the
9base year" means the value in effect at the end of the taxable
10year prior to the latter of: (1) the date of initial
11application; or (2) the date on which 20% of the total number
12of units in the property are occupied by eligible tenants
13paying eligible rent under this Section."; and
14on page 49, line 15, by replacing "2022" with "2025"; and
15on page 49, line 17, by replacing "2021" with "2024"; and
16on page 53, line 1, by replacing "2022" with "2025"; and
17on page 53, line 3, by replacing "2021" with "2024".