95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB4331


 
Introduced , by Rep. Frank J. Mautino
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 200/10-600










    Amends the Property Tax Code. Makes a technical change in a Section concerning definitions of wind energy devices.
















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A BILL FOR









 











HB4331

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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 
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Section 10-600 as follows:
 
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    (35 ILCS 200/10-600)
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    Sec. 10-600. Definitions. For the purposes of this Division 
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18:
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    "Wind energy device" means any device, with a
nameplate 
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capacity of at least 0.5 megawatts, that is used in the the 
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process of converting kinetic energy from the wind to generate 
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electric power for commercial sale.
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    "2007 real property cost basis" excludes personal property 
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but represents both the land and real property improvements of 
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a wind energy device and means $360,000 per megawatt of 
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nameplate capacity.
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    "Trending factor" means a number equal to the consumer 
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price index (U.S. city average all items) published by the 
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Bureau of Labor Statistics for the December immediately 
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preceding the assessment date, divided by the consumer price 
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index (U.S. city average all items) published by the Bureau of 
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Labor Statistics for December 2006.
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    "Trended real property cost basis" means the 2007 real 
 


 






HB4331
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property cost basis multiplied by the trending factor.
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    "Allowance for physical depreciation" means (i) the actual 
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age in years of the wind energy device on the assessment date 
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divided by 25 years multiplied by (ii)  the trended real 
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property cost basis. The physical depreciation, however, may 
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not reduce the value of the wind energy device to less than 30% 
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of the trended real property cost basis.

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(Source: P.A. 95-644, eff. 10-12-07.)