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SB2185 Engrossed |
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LRB094 17030 BDD 52312 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Property Tax Code is amended by changing |
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| Sections 1-130 and 10-245 as follows:
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| (35 ILCS 200/1-130)
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| Sec. 1-130. Property; real property; real estate; land; |
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| tract; lot. The land
itself, with all things contained therein, |
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| and also all buildings, structures
and improvements, and other |
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| permanent fixtures thereon, including all oil, gas,
coal and |
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| other minerals in the land and the right to remove oil, gas and |
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| other
minerals, excluding coal, from the land, and all rights |
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| and privileges
belonging or pertaining thereto, except where |
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| otherwise specified by this Code.
Included therein is any |
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| vehicle or similar portable structure used or so
constructed as |
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| to permit its use as a dwelling place, if the structure is
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| resting in whole on a permanent foundation.
Not included |
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| therein are low-income housing tax credits authorized by
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| Section
42 of the Internal Revenue Code, 26 U.S.C. 42 or |
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| payments or expenses for services in supportive living |
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| facilities established under Section 5-5.01a of the Illinois |
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| Public Aid Code.
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| (Source: P.A. 91-502, eff. 8-13-99.)
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| (35 ILCS 200/10-245)
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| Sec. 10-245. Method of valuation of low-income housing |
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| projects. Notwithstanding Section 1-55 and except in counties |
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| with a population of more
than 200,000 that classify property |
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| for the purposes of taxation, to determine
33 and one-third |
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| percent of the fair cash value of any low-income housing
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| project developed under the Section 515 program or that |
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| qualifies for the low-income housing tax credit under Section |