SB1953 EngrossedLRB098 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
5Sections 10-365, 10-370, and 10-380 as follows:
6    (35 ILCS 200/10-365)
7    Sec. 10-365. U.S. Military Public/Private Residential
8Developments. PPV Leases must be classified and valued as set
9forth in Sections 10-370 through 10-380 during the period
10beginning January 1, 2006 and ending January 1, 2016 with the
11earlier of the year 50 years after January 1, 2006 or the year
12in which a PPV Lease terminates.
13(Source: P.A. 94-974, eff. 6-30-06.)
14    (35 ILCS 200/10-370)
15    Sec. 10-370. Definitions. For the purposes of this Division
17    (a) "PPV Lease" means a leasehold interest in property that
18is exempt from taxation under Section 15-50 of this Code and
19that is leased, pursuant to authority set forth in Chapter 10
20of the United States Code, to another whose property is not
21exempt for the purpose of, after January 1, 2006, the design,
22finance, construction, renovation, management, operation, and



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1maintenance of rental housing units and associated
2improvements at military training facilities, military bases,
3and related military support facilities in the State of
4Illinois. All interests enjoyed pursuant to the authority set
5forth in Chapter 159 or Chapter 169 of Title 10 of the United
6States Code are considered leaseholds for the purposes of this
7Division. The changes to this Section made by this amendatory
8Act of the 97th General Assembly apply beginning on January 1,
10    (b) For naval training facilities, naval bases, and naval
11support facilities, "net "Net operating income" means all
12revenues received minus the lesser of (i) 62% 42% of all
13revenues or (ii) actual expenses before interest, taxes,
14depreciation, and amortization. For all other military
15training facilities, military bases, and related military
16support facilities, "net operating income" means all revenues
17received minus the lesser of (i) 42% of all revenues or (ii)
18actual expenses before interest, taxes, depreciation, and
20    (c) "Tax load factor" means the level of assessment, as set
21forth under item (b) of Section 9-145 or under Section 9-150,
22multiplied by the cumulative tax rate for the current taxable
24(Source: P.A. 97-942, eff. 8-10-12.)
25    (35 ILCS 200/10-380)



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1    Sec. 10-380. For the taxable years 2006 through 2015 and
2thereafter, the chief county assessment officer in the county
3in which property subject to a PPV Lease is located shall apply
4the provisions of Sections 10-370(b)(i) and 10-375(c)(i) of
5this Division 14 in assessing and determining the value of any
6PPV Lease for purposes of the property tax laws of this State.
7(Source: P.A. 97-942, eff. 8-10-12; revised 10-10-12.)