Full Text of SB1598 100th General Assembly
SB1598enr 100TH GENERAL ASSEMBLY |
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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 10-365, 10-370, 10-375, and 10-380 as follows: | 6 | | (35 ILCS 200/10-365) | 7 | | Sec. 10-365. U.S. Military Public/Private Residential | 8 | | Developments. Unless otherwise agreed to pursuant to a separate | 9 | | settlement agreement pursuant to Section 10-385 of this Code, | 10 | | PPV Leases must be classified and valued as set forth in | 11 | | Sections 10-370 through 10-380 during the period beginning | 12 | | January 1, 2006 and ending December 31, 2055 January 1, 2017 .
| 13 | | (Source: P.A. 98-494, eff. 1-1-14; 99-738, eff. 8-5-16.) | 14 | | (35 ILCS 200/10-370) | 15 | | Sec. 10-370. Definitions. For the purposes of this Division | 16 | | 14: | 17 | | (a) "PPV Lease" means a leasehold interest in property that | 18 | | is exempt from taxation under Section 15-50 of this Code and | 19 | | that is leased, pursuant to authority set forth in Chapter 10 | 20 | | of the United States Code, to another whose property is not | 21 | | exempt for the purpose of, after January 1, 2006, the design, | 22 | | finance, construction, renovation, management, operation, and |
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| 1 | | maintenance of rental housing units and associated | 2 | | improvements at military training facilities, military bases, | 3 | | and related military support facilities in the State of | 4 | | Illinois. All interests enjoyed pursuant to the authority set | 5 | | forth in Chapter 159 or Chapter 169 of Title 10 of the United | 6 | | States Code are considered leaseholds for the purposes of this | 7 | | Division. The changes to this Section made by this amendatory | 8 | | Act of the 97th General Assembly apply beginning on January 1, | 9 | | 2006. | 10 | | (b) For tax years prior to 2017, for For naval training | 11 | | facilities, naval bases, and naval support facilities, "net | 12 | | operating income" means all revenues received minus the lesser | 13 | | of (i) 62% of all revenues or (ii) actual expenses before | 14 | | interest, taxes, depreciation, and amortization. For all other | 15 | | military training facilities, military bases, and related | 16 | | military support facilities, "net operating income" means all | 17 | | revenues received minus the lesser of (i) 42% of all revenues | 18 | | or (ii) actual expenses before interest, taxes, depreciation, | 19 | | and amortization. | 20 | | (b-5) For tax year 2017 and thereafter, for naval training | 21 | | facilities, naval bases, and naval support facilities, "net | 22 | | operating income" means all revenues received minus the actual | 23 | | expenses before interest, taxes, depreciation, and | 24 | | amortization. | 25 | | (c) "Tax load factor" means the level of assessment, as set | 26 | | forth under item (b) of Section 9-145 or under Section 9-150, |
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| 1 | | multiplied by the cumulative tax rate for the current taxable | 2 | | year.
| 3 | | (Source: P.A. 97-942, eff. 8-10-12; 98-494, eff. 1-1-14.) | 4 | | (35 ILCS 200/10-375) | 5 | | Sec. 10-375. Valuation. | 6 | | (a) A PPV Lease must be valued at its fair cash value, as | 7 | | provided under item (b) of Section 9-145 or under Section | 8 | | 9-150. | 9 | | (b) The fair cash value of a PPV Lease must be determined | 10 | | by using an income capitalization approach.
| 11 | | (c) To determine the fair cash value of a PPV Lease, the | 12 | | net operating income is divided by (i) a rate of 12% 7.75% plus | 13 | | (ii) the actual or most recently ascertainable tax load factor | 14 | | for the subject year. | 15 | | (d) By April 15 of each year, the holder of a PPV Lease | 16 | | must report to the chief county assessment officer in each | 17 | | county in which the leasehold property is located the annual | 18 | | gross income and expenses derived and incurred from the PPV | 19 | | Lease, including the rental of leased property for each | 20 | | military housing facility subject to a PPV Lease.
| 21 | | (Source: P.A. 94-974, eff. 6-30-06.) | 22 | | (35 ILCS 200/10-380) | 23 | | Sec. 10-380. For the taxable years 2006 through 2055 2016 , | 24 | | the chief county assessment officer in the county in which |
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| 1 | | property subject to a PPV Lease is located shall apply the | 2 | | provisions of Sections 10-370(b)(i) and 10-375(c)(i) of this | 3 | | Division 14 in assessing and determining the value of any PPV | 4 | | Lease for purposes of the property tax laws of this State. | 5 | | (Source: P.A. 98-463, eff. 8-16-13; 98-494, eff. 1-1-14; | 6 | | 99-738, eff. 8-5-16.)
| 7 | | Section 99. Effective date. This Act takes effect upon | 8 | | becoming law.
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