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Public Act 100-0456


 

Public Act 0456 100TH GENERAL ASSEMBLY

  
  
  

 


 
Public Act 100-0456
 
SB1598 EnrolledLRB100 11175 HLH 21472 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, 10-375, and 10-380 as follows:
 
    (35 ILCS 200/10-365)
    Sec. 10-365. U.S. Military Public/Private Residential
Developments. Unless otherwise agreed to pursuant to a separate
settlement agreement pursuant to Section 10-385 of this Code,
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 December 31, 2055 January 1, 2017.
(Source: P.A. 98-494, eff. 1-1-14; 99-738, eff. 8-5-16.)
 
    (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 tax years prior to 2017, for For naval training
facilities, naval bases, and naval support facilities, "net
operating income" means all revenues received minus the lesser
of (i) 62% 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.
    (b-5) For tax year 2017 and thereafter, for naval training
facilities, naval bases, and naval support facilities, "net
operating income" means all revenues received minus the 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; 98-494, eff. 1-1-14.)
 
    (35 ILCS 200/10-375)
    Sec. 10-375. Valuation.
    (a) A PPV Lease must be valued at its fair cash value, as
provided under item (b) of Section 9-145 or under Section
9-150.
    (b) The fair cash value of a PPV Lease must be determined
by using an income capitalization approach.
    (c) To determine the fair cash value of a PPV Lease, the
net operating income is divided by (i) a rate of 12% 7.75% plus
(ii) the actual or most recently ascertainable tax load factor
for the subject year.
    (d) By April 15 of each year, the holder of a PPV Lease
must report to the chief county assessment officer in each
county in which the leasehold property is located the annual
gross income and expenses derived and incurred from the PPV
Lease, including the rental of leased property for each
military housing facility subject to a PPV Lease.
(Source: P.A. 94-974, eff. 6-30-06.)
 
    (35 ILCS 200/10-380)
    Sec. 10-380. For the taxable years 2006 through 2055 2016,
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. 98-463, eff. 8-16-13; 98-494, eff. 1-1-14;
99-738, eff. 8-5-16.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/25/2017