Translate
Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.
Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.
(35 ILCS 200/10-925) (This Section may contain text from a Public Act with a delayed effective date) Sec. 10-925. Improvement valuation of commercial energy systems. Beginning in assessment year 2026, the fair cash value of commercial energy storage system improvements shall be determined by subtracting the allowance for physical depreciation from the commercial energy storage system trended real property cost basis. Functional obsolescence and external obsolescence of the commercial energy storage system improvements may further reduce the fair cash value of the improvements to the extent the obsolescence is proven by the taxpayer by clear and convincing evidence, except that the combined depreciation from all functional and economic obsolescence shall not exceed 70% of the trended real property cost basis. The chief county assessment officer may make reasonable adjustments to the actual age of the commercial energy storage system to account for the routine replacement or upgrade of system components.
(Source: P.A. 104-458, eff. 6-1-26.) |