SB2782enr 99TH GENERAL ASSEMBLY

SB2782 Enrolled LRB099 20594 HLH 45317 b

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by changing Sections 10-365 and 10-380 as follows:

(35 ILCS 200/10-365)

Sec. 10-365. U.S. Military Public/Private Residential Developments. PPV Leases must be classified and valued as set forth in Sections 10-370 through 10-380 during the period beginning January 1, 2006 and ending January 1, 2017 January 1, 2016.

(Source: P.A. 98-494, eff. 1-1-14.)

(35 ILCS 200/10-380)

Sec. 10-380. For the taxable years 2006 through 2016 2015, the chief county assessment officer in the county in which property subject to a PPV Lease is located shall apply the provisions of Sections 10-370(b)(i) and 10-375(c)(i) of this Division 14 in assessing and determining the value of any PPV Lease for purposes of the property tax laws of this State.

(Source: P.A. 97-942, eff. 8-10-12; 98-463, eff. 8-16-13; 98-494, eff. 1-1-14.)

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