Sen. James F. Clayborne, Jr.

Filed: 4/25/2012

 

 


 

 


 
09700SB2761sam001LRB097 16255 HLH 68862 a

1
AMENDMENT TO SENATE BILL 2761

2    AMENDMENT NO. ______. Amend Senate Bill 2761 by replacing
3everything after the enacting clause with the following:
 
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

 

 

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1bases, and related military naval support facilities in the
2State of Illinois. All interests enjoyed pursuant to the
3authority set forth in Chapter 159 or Chapter 169 of Title 10
4of the United States Code are considered leaseholds for the
5purposes of this Division. The changes to this Section made by
6this amendatory Act of the 97th General Assembly apply
7beginning on January 1, 2006.
8    (b) "Net operating income" means all revenues received
9minus the lesser of (i) 42% of all revenues or (ii) actual
10expenses before interest, taxes, depreciation, and
11amortization.
12    (c) "Tax load factor" means the level of assessment, as set
13forth under item (b) of Section 9-145 or under Section 9-150,
14multiplied by the cumulative tax rate for the current taxable
15year.
16(Source: P.A. 94-974, eff. 6-30-06.)
 
17    (35 ILCS 200/10-380)
18    Sec. 10-380. For the taxable years 2006 and thereafter ,
192007, 2008, and 2009, the chief county assessment officer in
20the county in which property subject to a PPV Lease is located
21shall apply the provisions of 10-370(b)(i) and 10-375(c)(i) of
22this Division 14 in assessing and determining the value of any
23PPV Lease for purposes of the property tax laws of this State.
24(Source: P.A. 94-974, eff. 6-30-06.)
 

 

 

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1    Section 97. Severability. If any change made to existing
2statutory law by this amendatory Act of the 97th General
3Assembly, or its application to any person or circumstance, is
4held invalid, then the invalidity of that provision or
5application does not affect other provisions or applications of
6this Act that can be given effect without the invalid provision
7or application.
 
8    Section 99. Effective date. This Act takes effect upon
9becoming law.".