State of Illinois
91st General Assembly
Legislation

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[ Engrossed ][ Senate Amendment 001 ]

91_HB0047

 
                                                LRB910318PTpk

 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 this State in which  electric  generating
17    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.  The Such Task Force shall be chaired
21    by the President of the Taxpayers'  Federation  of  Illinois,
22    who 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.)

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