SB2761 EnrolledLRB097 16255 HLH 61408 b

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
5Sections 10-370 and 10-380 as follows:
 
6    (35 ILCS 200/10-370)
7    Sec. 10-370. Definitions. For the purposes of this Division
814:
9    (a) "PPV Lease" means a leasehold interest in property that
10is exempt from taxation under Section 15-50 of this Code and
11that is leased, pursuant to authority set forth in Chapter 10
12of the United States Code, to another whose property is not
13exempt for the purpose of, after January 1, 2006, the design,
14finance, construction, renovation, management, operation, and
15maintenance of rental housing units and associated
16improvements at military naval training facilities, military
17bases, and related military naval support facilities in the
18State of Illinois. All interests enjoyed pursuant to the
19authority set forth in Chapter 159 or Chapter 169 of Title 10
20of the United States Code are considered leaseholds for the
21purposes of this Division. The changes to this Section made by
22this amendatory Act of the 97th General Assembly apply
23beginning on January 1, 2006.

 

 

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1    (b) "Net operating income" means all revenues received
2minus the lesser of (i) 42% of all revenues or (ii) actual
3expenses before interest, taxes, depreciation, and
4amortization.
5    (c) "Tax load factor" means the level of assessment, as set
6forth under item (b) of Section 9-145 or under Section 9-150,
7multiplied by the cumulative tax rate for the current taxable
8year.
9(Source: P.A. 94-974, eff. 6-30-06.)
 
10    (35 ILCS 200/10-380)
11    Sec. 10-380. For the taxable years 2006 and thereafter ,
122007, 2008, and 2009, the chief county assessment officer in
13the county in which property subject to a PPV Lease is located
14shall apply the provisions of 10-370(b)(i) and 10-375(c)(i) of
15this Division 14 in assessing and determining the value of any
16PPV Lease for purposes of the property tax laws of this State.
17(Source: P.A. 94-974, eff. 6-30-06.)
 
18    Section 97. Severability. If any change made to existing
19statutory law by this amendatory Act of the 97th General
20Assembly, or its application to any person or circumstance, is
21held invalid, then the invalidity of that provision or
22application does not affect other provisions or applications of
23this Act that can be given effect without the invalid provision
24or application.
 

 

 

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1    Section 99. Effective date. This Act takes effect upon
2becoming law.