Full Text of SB2761 97th General Assembly
SB2761eng 97TH GENERAL ASSEMBLY |
| | SB2761 Engrossed | | LRB097 16255 HLH 61408 b |
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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 changing | 5 | | Sections 10-370 and 10-380 as follows: | 6 | | (35 ILCS 200/10-370) | 7 | | Sec. 10-370. Definitions. For the purposes of this Division | 8 | | 14: | 9 | | (a) "PPV Lease" means a leasehold interest in property that | 10 | | is exempt from taxation under Section 15-50 of this Code and | 11 | | that is leased, pursuant to authority set forth in Chapter 10 | 12 | | of the United States Code, to another whose property is not | 13 | | exempt for the purpose of, after January 1, 2006, the design, | 14 | | finance, construction, renovation, management, operation, and | 15 | | maintenance of rental housing units and associated | 16 | | improvements at military naval training facilities, military | 17 | | bases, and related military naval support facilities in the | 18 | | State of Illinois. All interests enjoyed pursuant to the | 19 | | authority set forth in Chapter 159 or Chapter 169 of Title 10 | 20 | | of the United States Code are considered leaseholds for the | 21 | | purposes of this Division. The changes to this Section made by | 22 | | this amendatory Act of the 97th General Assembly apply | 23 | | beginning on January 1, 2006. |
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| 1 | | (b) "Net operating income" means all revenues received | 2 | | minus the lesser of (i) 42% of all revenues or (ii) actual | 3 | | expenses before interest, taxes, depreciation, and | 4 | | amortization. | 5 | | (c) "Tax load factor" means the level of assessment, as set | 6 | | forth under item (b) of Section 9-145 or under Section 9-150, | 7 | | multiplied by the cumulative tax rate for the current taxable | 8 | | year.
| 9 | | (Source: P.A. 94-974, eff. 6-30-06.) | 10 | | (35 ILCS 200/10-380) | 11 | | Sec. 10-380. For the taxable years 2006 and thereafter , | 12 | | 2007, 2008, and 2009 , the chief county assessment officer in | 13 | | the county in which property subject to a PPV Lease is located | 14 | | shall apply the provisions of 10-370(b)(i) and 10-375(c)(i) of | 15 | | this Division 14 in assessing and determining the value of any | 16 | | PPV Lease for purposes of the property tax laws of this State. | 17 | | (Source: P.A. 94-974, eff. 6-30-06.) | 18 | | Section 97. Severability. If any change made to existing | 19 | | statutory law by this amendatory Act of the 97th General | 20 | | Assembly, or its application to any person or circumstance, is | 21 | | held invalid, then the invalidity of that provision or | 22 | | application does not affect other provisions or applications of | 23 | | this Act that can be given effect without the invalid provision | 24 | | or application.
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| 1 | | Section 99. Effective date. This Act takes effect upon | 2 | | becoming law. |
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