97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB0026

 

Introduced 1/12/2011, by Rep. Jim Sacia

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/10-600

    Amends the Property Tax Code. In a Section concerning valuation of wind energy property, provides that (i) for taxable years 2007 through 2009, "wind energy device" means any device with a nameplate capacity of at least 0.5 megawatts that is used in the process of converting kinetic energy from the wind to generate electric power for commercial sale, and (ii) for taxable year 2010 and thereafter, "wind energy device" means any device used to convert kinetic energy from the wind into electric power. Effective immediately.


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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by changing
5Section 10-600 as follows:
 
6    (35 ILCS 200/10-600)
7    Sec. 10-600. Definitions. For the purposes of this Division
818:
9    "Wind energy device" means (i) for taxable years 2007
10through 2009, any device, with a nameplate capacity of at least
110.5 megawatts, that is used in the process of converting
12kinetic energy from the wind to generate electric power for
13commercial sale and (ii) for taxable year 2010 and thereafter,
14any device used to convert kinetic energy from the wind into
15electric power.
16    "2007 real property cost basis" excludes personal property
17but represents both the land and real property improvements of
18a wind energy device and means $360,000 per megawatt of
19nameplate capacity.
20    "Trending factor" means a number equal to the consumer
21price index (U.S. city average all items) published by the
22Bureau of Labor Statistics for the December immediately
23preceding the assessment date, divided by the consumer price

 

 

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1index (U.S. city average all items) published by the Bureau of
2Labor Statistics for December 2006.
3    "Trended real property cost basis" means the 2007 real
4property cost basis multiplied by the trending factor.
5    "Allowance for physical depreciation" means (i) the actual
6age in years of the wind energy device on the assessment date
7divided by 25 years multiplied by (ii) the trended real
8property cost basis. The physical depreciation, however, may
9not reduce the value of the wind energy device to less than 30%
10of the trended real property cost basis.
11(Source: P.A. 95-644, eff. 10-12-07.)
 
12    Section 99. Effective date. This Act takes effect upon
13becoming law.