Illinois General Assembly - Full Text of HB1724
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Full Text of HB1724  95th General Assembly



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.



HB1724 Engrossed - 2 - LRB095 11205 BDD 31610 b

1     Section 99. Effective date. This Act takes effect upon
2 becoming law.