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Public Act 91-0502
HB1987 Enrolled LRB9103274PTpk
AN ACT to amend the Property Tax Code by changing Section
1-130 and by adding Division 11 to Article 10.
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
Section 1-130 and by adding Division 11 to Article 10 as
follows:
(35 ILCS 200/1-130)
Sec. 1-130. Property; real property; real estate; land;
tract; lot. The land itself, with all things contained
therein, and also all buildings, structures and improvements,
and other permanent fixtures thereon, including all oil, gas,
coal and other minerals in the land and the right to remove
oil, gas and other minerals, excluding coal, from the land,
and all rights and privileges belonging or pertaining
thereto, except where otherwise specified by this Code.
Included therein is any vehicle or similar portable structure
used or so constructed as to permit its use as a dwelling
place, if the structure is resting in whole on a permanent
foundation. Not included therein are low-income housing tax
credits authorized by Section 42 of the Internal Revenue
Code, 26 U.S.C. 42.
(Source: P.A. 86-1481; 87-877; 88-455.)
(35 ILCS 200/Art. 10, Div. 11 heading new)
DIVISION 11. LOW-INCOME HOUSING
(35 ILCS 200/10-235 new)
Sec. 10-235. Low-income housing. In determining the
fair cash value of property receiving benefits from the
Low-Income Housing Tax Credit authorized by Section 42 of the
Internal Revenue Code, 26 U.S.C. 42, emphasis shall be given
to the income approach, except in those circumstances where
another method is clearly more appropriate.
Section 99. Effective date. This Act takes effect upon
becoming law.
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