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91_HB3727
LRB9112509SMcb
1 AN ACT to amend the Property Tax Code by changing Section
2 10-230.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Property Tax Code is amended by changing
6 Section 10-230 as follows:
7 (35 ILCS 200/10-230)
8 Sec. 10-230. Creation of task force; 1997 through 1999
9 property assessments of certain utility property.
10 (a) This Section establishes an Electric Utility
11 Property Assessment Task Force to advise the General Assembly
12 with respect to the possible impact of the Electric Service
13 Customer Choice and Rate Relief Law of 1997 on the valuation
14 of the real property component of electric generating
15 stations owned by electric utilities and, therefore, on the
16 taxing districts in Illinois this State in which electric
17 generating stations are located.
18 (b) There shall be established and appointed in
19 accordance with this Section an Electric Utility Property
20 Assessment Task Force. Such Task Force shall be chaired by
21 the President of the Taxpayers' Federation of Illinois, who
22 shall be a non-voting member of the Task Force. The Task
23 Force shall be composed of 10 voting members, 6 of whom shall
24 be representatives of taxing districts in which electric
25 generating stations are located and 4 of whom shall be
26 representatives of electric utilities in this State, at least
27 one of whom shall be from an electric utility serving over
28 1,000,000 retail customers in this State and at least one of
29 whom shall be from an electric utility serving over 500,000
30 but less than 1,000,000 retail customers in this State.
31 (c) The voting members of this Task Force shall be
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1 appointed as follows: (i) 3 of the voting members, one of
2 whom shall be from an electric utility, shall be appointed by
3 the President of the Senate; (ii) 3 of the voting members,
4 one of whom shall be from an electric utility, shall be
5 appointed by the Speaker of the House of Representatives;
6 (iii) 2 of the voting members, one of whom shall be from an
7 electric utility, shall be appointed by the Minority Leader
8 of the Senate; and (iv) 2 of the voting members, one of whom
9 shall be from an electric utility, shall be appointed by the
10 Minority Leader of the House of Representatives. Such
11 appointments shall be made within 30 days after the effective
12 date of this amendatory Act of 1997. Members of the Task
13 Force shall receive no compensation for their services but
14 shall be entitled to reimbursement of reasonable expenses
15 incurred while performing their duties.
16 (d) The Task Force shall submit a report to the General
17 Assembly by January 1, 1999 which shall: (i) analyze whether,
18 and to what extent, taxing districts throughout this State
19 will experience significant sustained erosions of their
20 property tax bases and property tax revenues as a result of
21 the restructuring of the electric industry in this State; and
22 (ii) make recommendations for legislative changes to address
23 any such impacts.
24 (e) Beginning with the 1997 assessment year through the
25 assessment year of 1999, the fair cash value of any electric
26 power generating plant owned as of November 1, 1997, by an
27 electric utility, as that term is defined in Section 16-102
28 of the Public Utilities Act, shall be determined using
29 original cost less depreciation of the electric power
30 generating plant. When determining original cost less
31 depreciation, including the original cost less depreciation
32 of all new construction, the rate or rates of depreciation
33 applied shall be the same as the rate or rates in effect
34 November 1, 1997, under the Public Utilities Act and the
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1 rules and orders of the Illinois Commerce Commission,
2 irrespective of any change in ownership of the property
3 occurring after the effective date of the provisions of the
4 Electric Service Customer Choice and Rate Relief Law of 1997.
5 Nothing in this subsection shall be construed to affect the
6 classification of property as real or personal.
7 Determinations of original cost less depreciation for
8 purposes of this subsection shall be made without regard for
9 the use of any accelerated cost recovery method including
10 accelerated depreciation, accelerated amortization or other
11 capital recovery methods, or reductions to original cost of
12 an electric power generating plant made as a result of the
13 provisions of Senate Amendment No. 2 to House Bill 362,
14 enacted by the 90th General Assembly.
15 (Source: P.A. 90-562, eff. 12-16-97.)