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Public Act 098-0494


 

Public Act 0494 98TH GENERAL ASSEMBLY

  
  
  

 


 
Public Act 098-0494
 
SB1953 EnrolledLRB098 05516 HLH 35551 b

    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
Sections 10-365, 10-370, and 10-380 as follows:
 
    (35 ILCS 200/10-365)
    Sec. 10-365. U.S. Military Public/Private Residential
Developments. PPV Leases must be classified and valued as set
forth in Sections 10-370 through 10-380 during the period
beginning January 1, 2006 and ending January 1, 2016 with the
earlier of the year 50 years after January 1, 2006 or the year
in which a PPV Lease terminates.
(Source: P.A. 94-974, eff. 6-30-06.)
 
    (35 ILCS 200/10-370)
    Sec. 10-370. Definitions. For the purposes of this Division
14:
    (a) "PPV Lease" means a leasehold interest in property that
is exempt from taxation under Section 15-50 of this Code and
that is leased, pursuant to authority set forth in Chapter 10
of the United States Code, to another whose property is not
exempt for the purpose of, after January 1, 2006, the design,
finance, construction, renovation, management, operation, and
maintenance of rental housing units and associated
improvements at military training facilities, military bases,
and related military support facilities in the State of
Illinois. All interests enjoyed pursuant to the authority set
forth in Chapter 159 or Chapter 169 of Title 10 of the United
States Code are considered leaseholds for the purposes of this
Division. The changes to this Section made by this amendatory
Act of the 97th General Assembly apply beginning on January 1,
2006.
    (b) For naval training facilities, naval bases, and naval
support facilities, "net "Net operating income" means all
revenues received minus the lesser of (i) 62% 42% of all
revenues or (ii) actual expenses before interest, taxes,
depreciation, and amortization. For all other military
training facilities, military bases, and related military
support facilities, "net operating income" means all revenues
received minus the lesser of (i) 42% of all revenues or (ii)
actual expenses before interest, taxes, depreciation, and
amortization.
    (c) "Tax load factor" means the level of assessment, as set
forth under item (b) of Section 9-145 or under Section 9-150,
multiplied by the cumulative tax rate for the current taxable
year.
(Source: P.A. 97-942, eff. 8-10-12.)
 
    (35 ILCS 200/10-380)
    Sec. 10-380. For the taxable years 2006 through 2015 and
thereafter, the chief county assessment officer in the county
in which property subject to a PPV Lease is located shall apply
the provisions of Sections 10-370(b)(i) and 10-375(c)(i) of
this Division 14 in assessing and determining the value of any
PPV Lease for purposes of the property tax laws of this State.
(Source: P.A. 97-942, eff. 8-10-12; revised 10-10-12.)

Effective Date: 1/1/2014