99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB2782

 

Introduced 2/17/2016, by Sen. Terry Link

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/10-365
35 ILCS 200/10-380

    Amends the Property Tax Code. Provides that the valuation procedures for PPV leases sunsets on January 1, 2017 (currently, January 1, 2016). Effective immediately.


LRB099 20594 HLH 45317 b

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

 

 

A BILL FOR

 

SB2782LRB099 20594 HLH 45317 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 10-365 and 10-380 as follows:
 
6    (35 ILCS 200/10-365)
7    Sec. 10-365. U.S. Military Public/Private Residential
8Developments. PPV Leases must be classified and valued as set
9forth in Sections 10-370 through 10-380 during the period
10beginning January 1, 2006 and ending January 1, 2017 January 1,
112016.
12(Source: P.A. 98-494, eff. 1-1-14.)
 
13    (35 ILCS 200/10-380)
14    Sec. 10-380. For the taxable years 2006 through 2016 2015,
15the chief county assessment officer in the county in which
16property subject to a PPV Lease is located shall apply the
17provisions of Sections 10-370(b)(i) and 10-375(c)(i) of this
18Division 14 in assessing and determining the value of any PPV
19Lease for purposes of the property tax laws of this State.
20(Source: P.A. 97-942, eff. 8-10-12; 98-463, eff. 8-16-13;
2198-494, eff. 1-1-14.)
 

 

 

SB2782- 2 -LRB099 20594 HLH 45317 b

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