Sen. Terry Link

Filed: 3/12/2013





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2    AMENDMENT NO. ______. Amend Senate Bill 1953 by replacing
3everything after the enacting clause with the following:
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



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2    (a) "PPV Lease" means a leasehold interest in property that
3is exempt from taxation under Section 15-50 of this Code and
4that is leased, pursuant to authority set forth in Chapter 10
5of the United States Code, to another whose property is not
6exempt for the purpose of, after January 1, 2006, the design,
7finance, construction, renovation, management, operation, and
8maintenance of rental housing units and associated
9improvements at military training facilities, military bases,
10and related military support facilities in the State of
11Illinois. All interests enjoyed pursuant to the authority set
12forth in Chapter 159 or Chapter 169 of Title 10 of the United
13States Code are considered leaseholds for the purposes of this
14Division. The changes to this Section made by this amendatory
15Act of the 97th General Assembly apply beginning on January 1,
17    (b) "Net operating income" means all revenues received
18minus the lesser of (i) 62% 42% of all revenues or (ii) actual
19expenses before interest, taxes, depreciation, and
21    (c) "Tax load factor" means the level of assessment, as set
22forth under item (b) of Section 9-145 or under Section 9-150,
23multiplied by the cumulative tax rate for the current taxable
25(Source: P.A. 97-942, eff. 8-10-12.)



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1    (35 ILCS 200/10-380)
2    Sec. 10-380. For the taxable years 2006 through 2015 and
3thereafter, the chief county assessment officer in the county
4in which property subject to a PPV Lease is located shall apply
5the provisions of Sections 10-370(b)(i) and 10-375(c)(i) of
6this Division 14 in assessing and determining the value of any
7PPV Lease for purposes of the property tax laws of this State.
8(Source: P.A. 97-942, eff. 8-10-12; revised 10-10-12.)".