98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
SB1953
 
Introduced 2/15/2013, by Sen. Terry Link
 
SYNOPSIS AS INTRODUCED:
 

 
35 ILCS 200/10-370

     Amends the Property Tax Code. In a Section concerning valuation of PPV leases, provides that the term "net income" means means all revenues received minus actual expenses before interest,  taxes, depreciation, and amortization (now, "net income" means all revenues received minus the lesser of (i)  42% of all revenue or (ii) actual expenses before interest,  taxes, depreciation, and amortization).  Effective January 1, 2014.
  


LRB098 05516 HLH 35551 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
SB1953LRB098 05516 HLH 35551 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 
5Section 10-370 as follows:
 
6    (35 ILCS 200/10-370)
7    Sec. 10-370. Definitions. For the purposes of this Division 
814:
9    (a) "PPV Lease" means a leasehold interest in property that 
10is exempt from taxation under Section 15-50 of this Code and 
11that is leased, pursuant to authority set forth in Chapter 10 
12of the United States Code, to another whose property is not 
13exempt for the purpose of, after January 1, 2006,  the design, 
14finance, construction, renovation, management, operation, and 
15maintenance of rental housing units and associated 
16improvements at military training  facilities, military bases, 
17and related military support facilities in the State of 
18Illinois. All interests enjoyed pursuant to the authority set 
19forth in Chapter 159 or Chapter 169 of Title 10 of the United 
20States Code are considered leaseholds for the purposes of this 
21Division.  The changes to this Section made by this amendatory 
22Act of the 97th General Assembly apply beginning on January 1, 
232006. 
 
 
SB1953- 2 -LRB098 05516 HLH 35551 b

1    (b) "Net operating income" means all revenues received 
2minus the lesser of (i) 42% of all revenues or (ii) actual 
3expenses before interest,  taxes, depreciation, and 
4amortization.
5    (c) "Tax load factor" means the level of assessment, as set 
6forth under item (b) of Section 9-145 or under Section 9-150, 
7multiplied by the cumulative tax rate for the current taxable 
8year.

9(Source: P.A. 97-942, eff. 8-10-12.)
 
 
10    Section 99. Effective date. This Act takes effect January 
111, 2014.