95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB1086

 

Introduced 2/8/2007, by Rep. Thomas Holbrook

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/10-385 new

    Amends the Property Tax Code. Sets forth procedures for calculating the value of certain leasehold estates for property that is owned by the United States Air Force and that is leased to another whose property is not exempt and who uses that property for the purpose of design, finance, construction, renovation, management, operation, and maintenance of rental housing units. Effective immediately.


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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1     AN ACT concerning revenue.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Property Tax Code is amended by adding
5 Section 10-385 as follows:
 
6     (35 ILCS 200/10-385 new)
7     Sec. 10-385. U.S. Air Force Public/Private Residential
8 Developments.
9     (a) A U.S. Air Force PPV Lease must be classified and
10 valued based upon an income capitalization approach, under
11 which the income attributable to the property is capitalized at
12 a rate of 7.75%.
13     (b) For the purposes of this Section, a "U.S. Air Force PPV
14 Lease" means a leasehold interest in property that is exempt
15 from taxation under Section 15-50 of this Code and that is
16 leased to another whose property is not exempt, pursuant to
17 authority set forth in Chapter 10 of the United States Code,
18 for the purpose of the design, finance, construction,
19 renovation, management, operation, and maintenance of rental
20 housing units and associated improvements at U.S. Air Force
21 facilities in the State of Illinois.
 
22     Section 99. Effective date. This Act takes effect upon

 

 

HB1086 - 2 - LRB095 08495 BDD 28675 b

1 becoming law.