HB0026 97TH GENERAL ASSEMBLY

LRB097 02778 HLH 42800 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB0026

Introduced 1/12/2011, by Rep. Jim Sacia

SYNOPSIS AS INTRODUCED:

35 ILCS 200/10-600

Amends the Property Tax Code. In a Section concerning valuation of wind energy property, provides that (i) for taxable years 2007 through 2009, "wind energy device" means any device with a nameplate capacity of at least 0.5 megawatts that is used in the process of converting kinetic energy from the wind to generate electric power for commercial sale, and (ii) for taxable year 2010 and thereafter, "wind energy device" means any device used to convert kinetic energy from the wind into electric power. Effective immediately.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by changing Section 10-600 as follows:

(35 ILCS 200/10-600)

Sec. 10-600. Definitions. For the purposes of this Division 18:

"Wind energy device" means (i) for taxable years 2007 through 2009, any device, with a nameplate capacity of at least 0.5 megawatts, that is used in the process of converting kinetic energy from the wind to generate electric power for commercial sale and (ii) for taxable year 2010 and thereafter, any device used to convert kinetic energy from the wind into electric power.

"2007 real property cost basis" excludes personal property but represents both the land and real property improvements of a wind energy device and means $360,000 per megawatt of nameplate capacity.

"Trending factor" means a number equal to the consumer price index (U.S. city average all items) published by the Bureau of Labor Statistics for the December immediately preceding the assessment date, divided by the consumer price index (U.S. city average all items) published by the Bureau of Labor Statistics for December 2006.

"Trended real property cost basis" means the 2007 real property cost basis multiplied by the trending factor.

"Allowance for physical depreciation" means (i) the actual age in years of the wind energy device on the assessment date divided by 25 years multiplied by (ii) the trended real property cost basis. The physical depreciation, however, may not reduce the value of the wind energy device to less than 30% of the trended real property cost basis.

(Source: P.A. 95-644, eff. 10-12-07.)

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