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| [ Introduced ] | [ Senate Amendment 001 ] |
91_HB0047eng HB0047 Engrossed 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. TheSuchTask 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 HB0047 Engrossed -2- LRB910318PTpk 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 HB0047 Engrossed -3- LRB910318PTpk 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.)