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| Public Act 098-0494 | ||||
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AN ACT concerning revenue.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Property Tax Code is amended by changing | ||||
Sections 10-365, 10-370, and 10-380 as follows: | ||||
(35 ILCS 200/10-365) | ||||
Sec. 10-365. U.S. Military Public/Private Residential | ||||
Developments. PPV Leases must be classified and valued as set | ||||
forth in Sections 10-370 through 10-380 during the period | ||||
beginning January 1, 2006 and ending January 1, 2016 with the | ||||
earlier of the year 50 years after January 1, 2006 or the year | ||||
in which a PPV Lease terminates.
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(Source: P.A. 94-974, eff. 6-30-06.) | ||||
(35 ILCS 200/10-370) | ||||
Sec. 10-370. Definitions. For the purposes of this Division | ||||
14: | ||||
(a) "PPV Lease" means a leasehold interest in property that | ||||
is exempt from taxation under Section 15-50 of this Code and | ||||
that is leased, pursuant to authority set forth in Chapter 10 | ||||
of the United States Code, to another whose property is not | ||||
exempt for the purpose of, after January 1, 2006, the design, | ||||
finance, construction, renovation, management, operation, and | ||||
maintenance of rental housing units and associated | ||
improvements at military training facilities, military bases, | ||
and related military support facilities in the State of | ||
Illinois. All interests enjoyed pursuant to the authority set | ||
forth in Chapter 159 or Chapter 169 of Title 10 of the United | ||
States Code are considered leaseholds for the purposes of this | ||
Division. The changes to this Section made by this amendatory | ||
Act of the 97th General Assembly apply beginning on January 1, | ||
2006. | ||
(b) For naval training facilities, naval bases, and naval | ||
support facilities, "net "Net operating income" means all | ||
revenues received minus the lesser of (i) 62% 42% of all | ||
revenues or (ii) actual expenses before interest, taxes, | ||
depreciation, and amortization. For all other military | ||
training facilities, military bases, and related military | ||
support facilities, "net operating income" means all revenues | ||
received minus the lesser of (i) 42% of all revenues or (ii) | ||
actual expenses before interest, taxes, depreciation, and | ||
amortization. | ||
(c) "Tax load factor" means the level of assessment, as set | ||
forth under item (b) of Section 9-145 or under Section 9-150, | ||
multiplied by the cumulative tax rate for the current taxable | ||
year.
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(Source: P.A. 97-942, eff. 8-10-12.) | ||
(35 ILCS 200/10-380) | ||
Sec. 10-380. For the taxable years 2006 through 2015 and | ||
thereafter, the chief county assessment officer in the county | ||
in which property subject to a PPV Lease is located shall apply | ||
the provisions of Sections 10-370(b)(i) and 10-375(c)(i) of | ||
this Division 14 in assessing and determining the value of any | ||
PPV Lease for purposes of the property tax laws of this State. | ||
(Source: P.A. 97-942, eff. 8-10-12; revised 10-10-12.)
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