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Illinois Compiled Statutes
Information maintained by the Legislative Reference Bureau Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide. Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.
() 35 ILCS 200/Art. 10 Div. 10
(35 ILCS 200/Art. 10 Div. 10 heading)
Division 10.
Electric Power Generating Stations
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35 ILCS 200/10-230
(35 ILCS 200/10-230)
Sec. 10-230.
Creation of task force; 1997 through 1999 property assessments
of certain utility property.
(a) This Section establishes an Electric Utility Property Assessment
Task Force to advise the General Assembly with respect to the possible impact
of the Electric Service Customer Choice and Rate Relief Law of 1997 on the
valuation of the real property component of electric generating stations owned
by
electric utilities and, therefore, on the taxing districts in this State in
which electric generating stations are located.
(b) There shall be established and appointed in accordance with this Section
an Electric Utility Property Assessment Task Force. Such Task Force shall
be chaired by the President of the Taxpayers' Federation of Illinois, who shall
be a non-voting member of the Task Force. The Task Force shall be composed of
10 voting members, 6 of whom shall be representatives of taxing districts in
which electric generating stations are located and 4 of whom shall be
representatives
of
electric utilities in this State, at least one of
whom shall be from an electric utility serving over 1,000,000 retail customers
in this State and at least one of whom shall be from an electric utility
serving over 500,000 but less than 1,000,000 retail customers in this State.
(c) The voting members of this Task Force shall be appointed
as follows: (i) 3 of the voting members, one of whom shall be
from an electric utility, shall be appointed by
the President of the Senate; (ii)
3 of the voting members, one of whom shall be from an
electric utility, shall be appointed
by the Speaker of the House of Representatives; (iii) 2 of the voting members,
one of whom
shall be from an electric utility, shall be
appointed by the Minority Leader of the Senate; and (iv) 2 of
the voting members, one of whom shall be from an electric utility,
shall be appointed by the Minority Leader of the House of Representatives.
Such appointments shall be made within 30 days after the effective date of this
amendatory Act of 1997. Members of the Task Force shall receive no
compensation for their services but shall be entitled to reimbursement of
reasonable expenses incurred while performing their duties.
(d) The Task Force shall submit a report to the General Assembly by January
1, 1999 which shall: (i) analyze whether, and to what extent, taxing districts
throughout this State will experience significant sustained erosions of their
property tax bases and property tax revenues as a result of the restructuring
of the electric industry in this State; and (ii) make recommendations for
legislative changes to address any such impacts.
(e) Beginning with the 1997 assessment year through the assessment
year of 1999,
the fair cash value of any electric power generating plant owned as of November
1, 1997, by an electric utility, as that term is defined in Section 16-102 of
the Public Utilities Act, shall be determined using original cost less
depreciation of the electric power generating plant. When determining
original cost less depreciation, including the original cost less
depreciation of all new construction, the rate or rates of depreciation
applied shall be the same as the rate or rates in effect November
1, 1997, under the Public Utilities Act and the rules and orders of the
Illinois Commerce Commission, irrespective of any change in ownership of the
property occurring after the effective date of the provisions of the Electric
Service Customer Choice and Rate Relief Law of 1997. Nothing in this
subsection shall be construed to affect the classification of property as real
or personal. Determinations of original cost less depreciation for purposes of
this subsection shall be made without regard for the use of any accelerated
cost recovery method including accelerated depreciation, accelerated
amortization or other capital recovery methods, or reductions to original cost
of an electric power generating plant made as a result of the provisions of
Senate
Amendment No. 2 to House Bill
362, enacted by the 90th General Assembly.
(Source: P.A. 90-562, eff. 12-16-97.)
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35 ILCS 200/Art. 10 Div. 11
(35 ILCS 200/Art. 10 Div. 11 heading)
Division 11.
Low-income housing
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35 ILCS 200/10-235
(35 ILCS 200/10-235)
Sec. 10-235. Low-income housing project valuation policy;
intent. It is the policy of this State that low-income housing projects
developed under Section 515 of the federal Housing Act or that qualify for the low-income housing tax credit under Section 42 of the
Internal Revenue Code shall be valued at 33 and
one-third percent of the fair market value of their economic productivity
to the owners of the projects to help insure that their valuation for
property taxation does not result in taxes so high that rent levels
must be raised to cover this project expense, which can cause excess
vacancies, project loan defaults, and eventual loss of rental housing
facilities for those most in need of them, low-income families and the
elderly. It is the intent of this State that the valuation required by
this Division is the closest representation of cash value required by law
and is the method established as proper and fair.
(Source: P.A. 92-16, eff. 6-28-01; 93-533, eff. 1-1-04; 93-755, eff. 7-16-04.)
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35 ILCS 200/10-240
(35 ILCS 200/10-240)
Sec. 10-240.
Definition of Section 515 low-income housing projects.
"Section 515 low-income housing projects" mean rental apartment facilities
(i) developed and managed under a United States Department of Agriculture
Rural Rental Housing Program designed to provide affordable housing to low
to moderate income families and seniors in rural communities with
populations under 20,000, (ii) that receive a subsidy in the form of a 1%
loan interest rate and a 50-year amortization of the mortgage, (iii) that
would not have been built without a Section 515 interest credit subsidy, and
(iv) where the owners of the projects are limited to an annual profit of an
8% return on a 5% equity investment, which may result in a modest cash flow
to owners of the projects unless actual expenses, including property taxes,
exceed budget projections, in which case no profit may be realized.
(Source: P.A. 91-651, eff. 1-1-00; 92-16, eff. 6-28-01.)
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35 ILCS 200/10-245
(35 ILCS 200/10-245)
Sec. 10-245. Method of valuation of low-income housing projects. Notwithstanding Section 1-55 and except in counties with a population of more
than 200,000 that classify property for the purposes of taxation, to determine
33 and one-third percent of the fair cash value of any low-income housing
project developed under the Section 515 program or that qualifies for the low-income housing tax credit under Section 42
of the Internal Revenue Code, in assessing the project, local assessment
officers must consider the actual or probable net operating income attributable
to the property, using a vacancy rate of not more than 5%, capitalized at normal
market rates. The interest rate to be used in developing the normal market
value capitalization rate shall be one that reflects the prevailing cost of
cash for other types of commercial real estate in the geographic market in
which the low-income housing project is located.
(Source: P.A. 93-533, eff. 1-1-04; 93-755, eff. 7-16-04; 94-1086, eff. 1-19-07.)
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35 ILCS 200/10-250
(35 ILCS 200/10-250)
Sec. 10-250. Certification procedure and effective date of
implementation.
(a) After (i) an application for a Section 515 low-income housing project
certificate is filed with the State Director of
the United States Department of Agriculture Rural Development Office in a
manner and form prescribed in
regulations issued by the office and (ii) the certificate is issued certifying
that the housing is a Section 515 low-income housing project as defined in
Section 2 of this Act, the certificate must be presented to the appropriate
local assessment officer to receive the property assessment valuation under
this Division. The local assessment officer must assess the property according
to this Act.
Beginning on January 1, 2000, all certified
Section 515 low-income housing
projects shall be assessed in accordance with Section 10-245.
(b) Beginning with taxable year 2004, all low-income housing projects
that qualify for the low-income housing tax credit under Section 42 of the
Internal Revenue Code
shall be
assessed in accordance with Section 10-245 if the owner or owners of the
low-income
housing project certify to the appropriate local assessment officer that the
owner or owners qualify for the low-income housing tax credit under Section 42 of the
Internal Revenue Code for the property.
(Source: P.A. 93-533, eff. 1-1-04; 93-755, eff. 7-16-04.)
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