SMITH,MICHAEL AND WINTERS. (WATSON-MYERS,J) 35 ILCS 200/Art. 10, Div. 11 heading new 35 ILCS 200/10-235 new 35 ILCS 200/10-240 new 35 ILCS 200/10-245 new 35 ILCS 200/10-250 new 35 ILCS 200/10-255 new 30 ILCS 805/8.23 new Amends the Property Tax Code. Provides for special valuation of federal Section 515 low-income housing projects. Provides that to determine 33 1/3% of the fair cash value of any Section 515 low-income housing project, local assessment officers must consider the actual or probable net operating income attributable to the project, capitalized at normal market values. Provides certification and assessment procedures for the valuation. Authorizes the Department of Revenue to adopt rules to implement and administer the Division. Amends the State Mandates Act to require implementation without reimbursement. HOUSE AMENDMENT NO. 1. Excepts from the amendatory provisions counties with a population of more than 200,000 that classify property for the purposes of taxation. SENATE AMENDMENT NO. 1. Provides that in valuing the low-income housing projects, the interest rate to be used in developing the normal market value capitalization rate shall be one that reflects the prevailing cost of cash for other types of commercial real estate in the geographic market in which the Section 515 project is located. 99-02-11 H FIRST READING 99-02-11 H REFERRED TO HOUSE RULES COMMITTEE RULES 99-02-17 H ASSIGNED TO COMMITTEE REVENUE 99-03-04 H DO PASS/SHORT DEBATE 009-000-000 HREV 99-03-04 H PLACED CALENDAR 2ND READING-SHORT DEBATE 99-03-10 H ADDED AS A CO-SPONSOR WINTERS 99-03-11 H AMENDMENT NO. 01-SMITH,MICHAEL 99-03-11 H AMENDMENT REFERRED TO HRUL 99-03-11 H CALENDAR ORDER 2ND READING-SHORT DEBATE 99-03-16 H SECOND READING-SHORT DEBATE 99-03-16 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE 99-03-23 H AMENDMENT NO. 01-SMITH,MICHAEL 99-03-23 H RECOMMENDS BE ADOPTED HRUL 99-03-23 H AMENDMENT NO. 01-SMITH,MICHAEL 99-03-23 H ADOPTED 99-03-23 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 99-03-25 H THIRD READING/SHORT DEBATE/PASSED 113-000-002 99-03-25 S ARRIVE IN SENATE 99-03-25 S PLACED CALENDAR ORDER OF FIRST READING 99-03-26 99-04-09 S CHIEF SPONSOR WATSON 99-04-14 S FIRST READING 99-04-14 S REFERRED TO SENATE RULES COMMITTEE RULES 99-04-15 S ASSIGNED TO COMMITTEE REVENUE 99-04-21 S ADDED AS A CO-SPONSOR MOLARO 99-04-22 S DO PASS 008-000-000 SREV 99-04-22 S PLACED ON CALENDAR ORDER OF 2ND READING 99-04-26 99-04-23 S ADDED AS A CHIEF CO-SPONSOR MYERS,J 99-04-26 S SECOND READING 99-04-26 S PLACED ON CALENDAR ORDER OF 3RD READING 99-04-27 99-05-04 S FILED WITH SECRETARY 99-05-04 S AMENDMENT NO. 01-WATSON 99-05-04 S AMENDMENT REFERRED TO SRUL 99-05-04 S ADDED AS A CO-SPONSOR LIGHTFORD 99-05-04 S AMENDMENT NO. 01-WATSON 99-05-04 S RULES REFERS TO SREV 99-05-06 S AMENDMENT NO. 01-WATSON 99-05-06 S BE ADOPTED SREV/010-000-000 99-05-11 S RECALLED TO SECOND READING 99-05-11 S AMENDMENT NO. 01-WATSON 99-05-11 S ADOPTED 99-05-11 S PLACED ON CALENDAR ORDER OF 3RD READING 99-05-12 99-05-13 S THIRD READING - PASSED 058-000-000 99-05-13 H ARRIVE IN HOUSE 99-05-13 H PLACED ON CALENDAR ORDER OF CONCURRENCE 01 99-05-14 H MOTION FILED CONCUR 01/SMITH,MICHAEL 99-05-14 H MOTION REFERRED TO HRUL 99-05-14 H CALENDAR ORDER OF CONCURRENCE 01 99-05-19 H BE APPROVED FOR CONSIDERATION 01/HRUL 99-05-19 H HSE CONCURS IN SEN AMENDMENTS (NO.) 01/114-000-001 99-05-19 H PASSED BOTH HOUSES 99-06-17 H SENT TO THE GOVERNOR 99-08-14 H GOVERNOR VETOED 99-08-14 H PLACED CALENDAR TOTAL VETO NOVEMBER 16, 1999 99-11-05 H MOTION FILED OVERRIDE GOVERNOR VETO #1/SMITH,MICHAEL 99-11-05 H PLACED CALENDAR TOTAL VETO NOVEMBER 16, 1999 99-11-16 H 3/5 VOTE REQUIRED 99-11-16 H OVERRIDE GOVERNOR VETO - HOUSE PASSED 113-000-001 99-11-18 S PLACED CALENDAR TOTAL VETO NOVEMBER 30, 1999 99-11-30 S MOTION FILED OVERRIDE GOVERNOR VETO WATSON 99-12-01 S 3/5 VOTE REQUIRED 99-12-01 S OVERRIDE GOVERNOR VETO - SENATE PASSED 056-000-000 99-12-01 H BOTH HOUSES OVERRIDE TOTAL VETO 99-12-06 H FILED WITHOUT SIGNATURE 99-12-06 H EFFECTIVE DATE 00-01-01 99-12-06 H PUBLIC ACT.............................. 91-0651 END OF INQUIRY Full Text Bill Summary