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Public Act 100-0456
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| SB1598 Enrolled | LRB100 11175 HLH 21472 b |
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AN ACT concerning revenue.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Property Tax Code is amended by changing |
Sections 10-365, 10-370, 10-375, and 10-380 as follows:
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(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.
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(Source: P.A. 98-494, eff. 1-1-14; 99-738, eff. 8-5-16.)
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(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 |
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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, |
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multiplied by the cumulative tax rate for the current taxable |
year.
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(Source: P.A. 97-942, eff. 8-10-12; 98-494, eff. 1-1-14.)
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(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.
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(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.
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(Source: P.A. 94-974, eff. 6-30-06.)
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(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 |